ping Tom Sherman re Hillquist

The Kane County Chronicle had an article about this project. The developer,
citing the tanking economy isn't going ahead with an upscale restaurant on
the property. The city of Geneva wants the developed to repay over $66,800
of TIF money that was advanced for the project. I hope whomever granted the
financing isn't going to have to hold his/her breath until the money is back
in the city's tax coffers. The money is gone! Without a building to
sell/lease where is the contractor getting it from? It was used to pay wages
and rentals on the demolition equp. All that's left is an eyesore along the
FRT. I'm guessing there are three chances for repayment...slim, fat and
none.

gotbent, aka FRT rider...a taxpayer reaching for the jar of vaseline

"gotbent" wrote:
The Kane County Chronicle had an article about this project. The developer,
citing the tanking economy isn't going ahead with an upscale restaurant on
the property. The city of Geneva wants the developed to repay over $66,800
of TIF money that was advanced for the project. I hope whomever granted the
financing isn't going to have to hold his/her breath until the money is back
in the city's tax coffers. The money is gone! Without a building to
sell/lease where is the contractor getting it from? It was used to pay wages
and rentals on the demolition equp. All that's left is an eyesore along the
FRT. I'm guessing there are three chances for repayment...slim, fat and
none.

gotbent, aka FRT rider...a taxpayer reaching for the jar of vaseline


Typically the developer establishes an LLC for project like these, so
they can just have the LLC go bankrupt and they walk away.

It would at least be nice if the Fox Valley Park District got an
easement to remove the tight corner from the Fox Valley Trail.

--
Tom Sherman - 42.435731,-83.985007
LOCAL CACTUS EATS CYCLIST - datakoll