Village Sets Timeline for Northbrook Court Review Process
Developer seeks $90M in public/private partnership
The outlines of Northbrook Court’s proposed redevelopment became clearer in May as the Village of Northbrook approved a non-binding pre-development agreement with Brookfield Properties and scheduled next steps. If the plan comes to fruition, construction on the initial luxury retail phase could begin in 2024.
The pre-development agreement approved on May 23 sets out a roadmap for the review process and describes the public/private partnership model that Brookfield envisions. Highlights of the proposal include:
- Brookfield estimates the total cost of redevelopment to be $750 million and is seeking $90 million in public assistance divided between sales tax rebates, business district financing, and tax increment (TIF) financing. Village Manager Cara Pavlicek noted that the proposal would rely on sales tax rebates for 67 percent of the total incentive package.
- Phase I of the project will include outdoor, pedestrian-oriented retail/commercial development with at least 30 percent luxury retail, along with up to 2000 units of mixed residential development.
- Brookfield may donate one acre of land to the Village for construction of a new fire station.
- A timeline describes required meetings and public hearings scheduled through the summer with the goal of a vote on a binding redevelopment agreement in September.
Village Attorney Steve Elrod explained at the meeting that the pre-development agreement represented “a special additional step to ensure that the process is conducted fairly, openly and professionally.” He stressed, “[T]he only obligation of the Village under this agreement [is] to conduct the necessary and required procedures and public hearings to allow the proposal to be publicly vetted, reviewed, discussed and deliberated.”
Trustees were united in their excitement for the proposal’s potential. Village President Kathryn Ciesla acknowledged the significant changes in the national retail landscape over the last several years, and the challenge that communities face in attracting new retail development.
“Northbrook Court is a significant asset to our community in that the property and sales tax revenue contributes significantly to our schools, to our Village and our other governmental entities. The importance of Northbrook Court can’t be understated,” said Ciesla. “I’m so very proud and gratified that Brookfield would consider and would engage in a partnership with our community to spend $750 million as an investment in our community.”