Hickory/Kensington Mixed Use Project

Redevelopment Agreement Approved for 4 North Hickory
Posted on 06/20/2018

On June 18, the Village Board approved a Redevelopment Agreement paving the way for 4 North Hickory mixed use development. Planning and Community Development staff have been working with the developer to create a mixed-use development that will start to implement the Hickory Kensington Redevelopment plan adopted in 2013.

The proposed development will consist of 76 residential apartments and 3,500 square feet of commercial space along Kensington Road. The redevelopment agreement sets forth the Tax Increment Financing in a public/private partnership in order to facilitate the $21 million development. The developer will design and build a new public street for which the TIF district will reimburse them.

In addition, the Village will acquire a portion of the property for future development and provide gap financing over eight years. The property currently generates approximately $10,000 in property taxes, after redevelopment it will generate an estimated $250,000 which will go into the TIF fund to pay for the incentives along with other future improvements in the redevelopment area. The Planned Unit Development will be considered at a public hearing later in June.