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Campton Hills trustees voted on Tuesday, July 21 to approve a redevelopment agreement (RDA) that lays out the financial terms for the 900-unit LaFox of Campton Hills residential development.
The vote came after both the Geneva Public Library District and Geneva school district CUSD 304 publicly asked the board to table the RDA or modify the ordinance.
Here's what to know:
The RDA itself: The agreement spells out how developer Shodeen Construction will be reimbursed for infrastructure costs out of the property tax revenue generated by the development, and lays out the financing options Shodeen can use to fund the project.
The library's view: Library officials told the board the development will grow the library's service population by roughly 10%, straining its budget. They said they’ve spent over a year asking the village to put a written process for requesting/receiving payments into the agreement and to add a separate impact fee paid by the developer, on top of whatever the library is legally owed through the TIF.
The school district's view: Geneva school district officials asked the board to table or modify the ordinance, saying the district wasn't given the draft agreement before a July 14 special board meeting and that its attorney's requested revisions hadn't been fully addressed. Officials said the district already has a separate, nearly $6 million donation agreement with the developer.
The village attorney said both the village and the developer's TIF attorney felt additional language on the library and school district wasn't necessary, since the agreement already covers the TIF act's requirements.
With the RDA signed, officials said Shodeen can now close on the property and move ahead with follow-up agreements the village still has to approve.
Watch the full village board meeting recording.
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