Politics & Government
No Subsidy Yet For Western Springs Condo Developer
The project has already begun, but the developer says his bank commitment is based on getting help from the village.
WESTERN SPRINGS, IL – A developer of downtown Western Springs condos has yet to get $1.5 million in requested assistance from the village.
Last October, Hinsdale-based KLM Development, owned by Felix Lampariello, broke ground on a four-story condo building at 514 Hillgrove Ave. Usually, subsidies are secured before projects begin.
The subsidy would come from a tax increment financing district, or TIF, where growth in property tax money is designated for improvements in that area.
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In a brief interview Wednesday morning, Lampariello acknowledged the village had not agreed yet to give the project any money.
Then Patch attempted to ask him why his company was seeking money after the project began. But he cut off the question and said, "I have a meeting with the village. You'll have to contact them." Then he ended the call.
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On July 31, the proposal for assistance is set to come before the village's Economic Development Commission. Then it will go to the Finance Committee and the Village Board.
Patch obtained emails about the project through a public records request to the village.
In a May 10 email to the city, Lampariello asked for an update on the assistance. He said a village consultant had gone to his office to review all the requested documents three months earlier.
"We would sincerely like to get our developer agreement in place," he said.
In a March email to the village, Lampariello said his bank commitment is based on getting the agreement with the village in place.
In December, Patch obtained public records in which the developer made the case why he should get public money.
The project is set to include commercial space and 10 condos. According to the developer, the condos will range in price from $650,000 to $1.4 million. The building will be called The Hill.
The idea behind a tax increment financing district is that the money spurs development, which will bring more taxes to local government bodies in the long run.
In a November email to the village, Lampariello said he has been repeatedly assured that he would get TIF help from the village.
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