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Village Vision News

Prairie Winds Development Project is a go in Forsyth

Thursday, October 11, 2018

On October 1, Trustees approved the sale of land located immediately west of Maroa-Forsyth Grade School and south of County Highway 20, an area being developed as Prairie Winds.

The lot, at just more than 16 acres, sits on the northwest corner of the property. It falls within the Village’s Tax Increment Financing District, which was established in January of this year. That makes the project eligible for incentives to help minimize the risk taken by the developer, Sullivan Developers, LLC.

With the Board’s approval, Reed Sullivan entered into an agreement to pay $150,000 for the property described above. Sullivan plans to build approximately 34 single-family homes that, he said, will be priced from $190,000 to $250,000.

“I really think that attracting young families is exactly what we need in the Village,” Trustee Kerstin Trachtenberg said. “If they buy in Mount Zion and enroll kids in school there, they will stay in Mount Zion.”

Costs for the project, including land acquisition, site preparation, professional fees, public infrastructure and utilities extension are projected to be $1,935,812, all of which are eligible for TIF reimbursement. The agreement states that the Village shall reimburse Sullivan for a portion of TIF eligible costs up to an amount not exceeding $1,935,812. Reimbursement will be made over time from a special account established by real estate taxes generated by the project.

All votes were Yea; the measure carried. 

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