Affordable Housing: Board Approves $1.6M Increase At Thomas Place

GLENVIEW, IL — Paul Thomas cared about Glenview. The former Village President, who died last year, was especially concerned with senior housing and affordable housing in the community. In that vein, Thomas Place, located in The Glen, was named after him.

The Glenview Village Board approved a $1.6 million increase in funding at the independent living community for adults 55 and older during a Tuesday night meeting.

"Paul died in 2020, but if he were here today, I think he would urge you to continue to serve the growing numbers of seniors within our local communities who would like to be able to remain where they lived, worked and have friends," Elizabeth Martin, longtime Glenview resident and friend of Thomas, said to the board prior to their vote.

With the use of TIF funds, the Village Board-approved funding will make necessary updates to the residential units and increase the number of affordable units from the current level of 50 percent (72 units) to a level between 65 percent (94 units) and 90 percent (130 units). To achieve the number of affordable units to between 65 percent and 90 percent at the current income level of 80 percent of Area Median Income would cost between $4.3 million and $6 million, according to the meeting's agenda.

Last month, the Village Board announced it plans to conclude The Glen TIF, a year earlier than planned. The conclusion of the TIF will not result in any tax increase for property owners inside or outside The Glen, officials say.

RELATED: Glenview Village Board Set To End Glen TIF Early

"The way I see it is this is a unique opportunity with the closing of the Glenview TIF to benefit some of our most important residents, our seniors," Trustee Jim Bland said.

The Village Board considered six different options:

• Option 1 – Status Quo – 50 percent of units affordable
• Option 2 – $2.5M (TIF) – 65 percent of units affordable
• Option 3 – $4.32M (TIF) – 75 percent of units affordable
• Option 4 – $5.14M (TIF & Other) – 80 percent of units affordable
• Option 5 – $5.98M (TIF & Other) – 85 percent of units affordable
• Option 6 - $6M (TIF & Other) – 90 percent of units affordable

In 2004, the Village of Glenview donated a 5-acre site in The Glen within the Economic Development Project Area (“Glen TIF”) to assist Glenview Elderly Programs North, Inc. in constructing the 144-unit development, which designated 75 percent of the units as affordable for a period of 15 years.

In 2005, the Village agreed to loan Thomas Place L.P., (owner and successor in interest to the previous owner, GEPN) $1,400,000 for 20 years at 5 percent annual interest. In exchange, Thomas Place agreed to amend the terms of the original agreement to extend the 75% affordable units from 15 years to 20 years. The amended agreement provided that 75 percent of the units within Thomas Place would remain affordable (defined as income level not to exceed 80 percent of AMI) through Aug. 8, 2021, and then transition to 50 percent of the units remaining affordable for an additional 20 years ending in Aug. 20, 2041.

• Replace trim boards
• Replace roof & flashings
• Replace all deck boards
• Replace exterior HVAC Closet Doors
• Replace deck facia boards
• Replace all deck railings
• Mud jack/foam jack required decks
• Patch parking lots as required
• Replace common area flooring
• Repair ADA ramps
• Replace Unit Flooring
• Replace HVAC system with split HVAC system
• Repair/replace exterior concrete/sidewalks