Wednesday, November 22, 2017 || By Michael Romain || @maywoodnews
Featured image: An architectural rendering of the proposed housing development to be built on a vacant lot at 800-820 S. 5th Ave. in Maywood. | Interfaith Housing Development Corporation
During a regular meeting on Nov. 21, the Maywood Board of Trustees unanimously approved a redevelopment agreement that allows for the construction of a 68-unit, 5-story apartment building on the site of a vacant lot at 800-820 S. 5th Ave. in Maywood. The building will include 4,500 square feet of first-floor commercial space.
As part of the agreement, the developer, Interfaith Housing Development Corporation, will purchase the land on which it will build the development from the village for $200,000, which is the amount at which the property was appraised in July.
In September, when the village board was discussing the redevelopment agreement, village attorney Michael Jurusik said that, once the land is sold, the revenue from the sale will go back into the Madison St. TIF fund.
Jurusik said at the time that the village would be approving a redevelopment agreement that calls for an exact build-out, which means that Interfaith would be obligated to construct the building based on the specifications — including the design, building materials, etc. — laid out in the agreement.
Angela Smith, Maywood’s business coordinator, said that the Interfaith development could generate upwards of $124,000 in property tax revenue a year. Interfaith officials said that the development would cost about $20 million.
Interfaith had introduced a similar development pitch in Maywood in 2012, but was turned away after many residents rallied against the proposal.
During various community meetings about the proposal held earlier this year, Perry Vietti, Interfaith’s president, said that much of the dialogue about the proposal five years ago was driven by misconceptions and confusion about what Interfaith was trying to do.
Back then, he explained, many people thought that Interfaith was trying to build the equivalent of a public housing project in Maywood; this wasn’t the case, he said.
Vietti said that Interfaith will target tenants who make no more than 60 percent of the area median income. All of those tenants, Interfaith officials said, are required to have some kind of income.
Interfaith said that, consistent with the community’s desires, Interfaith will try looking for a grocer to fill the first-floor commercial space in the proposed building, although they explained that they can’t guarantee that they’ll land a grocer as a commercial tenant.
According to the redevelopment agreement, Interfaith will install 18 residential parking spaces behind the building and an additional 14 on-street parking spaces will be installed for use by non-residents.
At the Nov. 21 meeting, Joe Wilson, who owns T&JJ’s Supreme Steak and Catering, 718 S. 5th Ave. in Maywood (and which is located across the street from the development site), said that construction on the development could adversely affect his business, sending his customers’ parking arrangements into flux.
Jurusik said that the village will not turn over the property until Interfaith has secured financing, completed building plans, applied for a building permit and are ready to build.
In September, Vietti said that that Interfaith could secure financing, and construction could start on the development, within a little over a year from now. VFP
Read the full redevelopment agreement below: