The Walton Associates Family Limited Partnership, doing business as True North Properties, was approved by the Village Board on March 4th to redevelop and enhance the property at the northeast corner of Main Street and Old Rand Road, a parcel that has been owned by the Village of Lake Zurich since August 2006. An initial courtesy review of this Main Street proposal was conducted by the Village Board on February 5, 2024.
True North Properties requested tax-increment-financing assistance to support investment into this property with a minimum of $1.5 million of enhancements including significant exterior facade improvements and updates to the interior of the three units with full renovations and raised ceilings. The TIF redevelopment agreement formalizes the obligations of the Village and the Developer to facilitate this effort.
True North Properties is purchasting the property from the Village for $200,000 upfront and invest a minimum of $1.5 million into the property within 24 months of the real estate closing. The total proposed TIF reimbursement is capped at $100,000, representing approximately 6.7% of the total $1.5 investment into the community Main Street District.
