Politics & Government
Pecak Vetoes $10.5M TIF Plan To Redevelop Shopping Center: Report
Lisle Mayor Christopher Pecak vetoed a TIF plan village trustees had approved to redevelop Family Square Plaza, Daily Herald reports.
LISLE, IL — A $10.5 million tax increment financing (TIF) plan that was approved by Lisle trustees on Jan. 31 was vetoed by Mayor Christopher Pecak Monday, according to Daily Herald. The plan proposed making funds available to Flaherty and Collins Properties to redevelop Family Square Plaza into a multistory apartment complex and retail property.
Pecak was not present at the special Jan. 31 meeting, during which the plan for the long-vacant property at Ogden and Main was approved by a 4-2 vote.
In a news release, Pecak said, "I have a fiduciary responsibility to the taxpayers and residents of the Village of Lisle to veto a hasty $10.5 million incentive agreement."
Find out what's happening in Lislefor free with the latest updates from Patch.
Family Square Plaza falls in the village's downtown TIF district, which was founded in 2015 may close if a project to redevelop is not approved by March 2, Daily Herald reports.
Find out what's happening in Lislefor free with the latest updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
