$1M Subsidy On Western Springs Panel's Table

WESTERN SPRINGS, IL – After more than six months, Western Springs is poised to take the next step with a developer's request for a subsidy for a downtown project.

The Village Board's Finance Committee plans to review the subsidy at 6 p.m. Wednesday at Village Hall, 740 Hillgrove Ave.

The four-story building is set to include 10 condos, with the first floor containing businesses. Construction, which started in 2022, was supposed to have been completed in December. Complete occupancy is expected by summer.

Last July, the village's Economic Development Commission decided that $971,000 of the costs for the downtown complex were eligible for a subsidy.

More than two years ago, Felix Lampariello, owner of Hinsdale-based KLM Development, requested $1.5 million for the more than $8 million project.

A village-hired consultant, Ryan LLC, recently completed its analysis of the project.

According to a village memo last week, the new building is consistent with the village's plan for downtown in three ways – it creates a compact development within easy walking distance of the Metra station, encourages mixed-use development and redevelops vacant commercial lots.

The subsidy would come from the village's downtown tax increment financing district, or TIF. The idea behind such a district is that the money spurs development, which will bring more taxes to local government bodies in the long run.