Shorewood - It's almost a done deal.
After extensive discussion and review, the Village Board on Monday approved a plan to take out $2.8 million in subordinate redevelopment revenue bonds for the LightHorse 4041 mixed-use development on Shorewood's northern end.
"The bonds will provide the developer (Mandel Group) with access to lower-cost capital because the interest on the bonds will be exempt from federal and state income taxes," David Ryan of Foley & Lardner wrote in a memo.
The board's action follows approval in mid-November of $8.5 million in general obligation community development bonds for the project.
Groundbreaking on the LightHorse development, located west of North Oakland Avenue and south of East Kenmore Place, is expected shortly after Jan.1. The project will be anchored by a Walgreens - relocating from its existing facility just south of the new development - and 84 luxury apartments on upper floors.
The bonds have been earmarked for a number of purposes, including a loan to the Mandel Group and a grant to help finance the project.
The Village Board has been working with the Shorewood Community Development Authority, the principal appointed body overseeing the project. CDA members have already approved both bond proposals.
Funds disbursement is scheduled for Jan. 12.
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