Title
Report on the proposed project in Highland Park for use of $14 million of volume cap of the Recovery Zone Facility Bond allocation.
Staff Summary
• The proposed project is for the development of a new 4,400 square foot Thornton’s convenience store and a 3-story 44,000 square foot medical office building in Highland Park. It is the redevelopment of a vacant car dealership near US 41 and Skokie Valley Road.
• Lake County received a bond cap of $59.5 million from the Federal government as part of the American Recovery and Reinvestment Act (AARA).
• Any Recovery Zone Facility Bond allocation must be used by December 31, 2010 when the allocation will expire.
• The project will provide for over 250 construction jobs and will create 86 permanent jobs with an annual payroll of over $4.4 million when complete.
• The project can move forward once development approval is secured from the City of Highland Park.