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On July 2, 2020, the Mayor and River Grove Trustees adopted Ordinance 2020-17, an agreement between the Village and MB Thatcher (better known as Noah Properties). In the Ordinance, or Redevelopment Agreement, the Village and Noah Properties agree to certain conditions for the development at Thatcher Avenue & Center Avenue.
As you can see above, in Article 3.2, the Village agrees to sell 4 parcels of land to MB Thatcher (better known as Noah Properties) for $10. $10. So for the price of 3 gallons of gas, Noah Properties purchased 4 parcels of land that allowed them to build 80 apartments?
And unfortunately, Noah Properties wasn't done getting money from the Village. In section 5.2 of the Redevelopment Agreement, the Village agrees to reimburse MB Thatcher (better known as Noah Properties) up to $5 million in Tax Increment or TIF.
Has the Village offered you $5 million in tax breaks? Couldn't that money be better spent on things our community needs like sidewalks, alley replacement, funds for the library, or maybe even a community center?
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