Memorandum of Understanding (MOU)

The Village has entered into a Memorandum of Understanding (MOU) with Gart Partners, LLC.  The purpose of the MOU is to commit the Village as well as the developer to meeting certain obligations in the near term as both parties work toward a final approval of a Planned Unit Development (PUD) for the downtown redevelopment.  Below is a summary of the commitments each side has made in the MOU.

Developer Commitments

  • Developer will cover all Village costs for the project. The Developer posted an escrow with the Village to cover all out-of-pocket Village expenses related to the downtown redevelopment project. These costs include attorneys, TIF consultants, financial consultants, planners, architects, engineers, etc.
  • Developer is responsible for all design and construction costs for all public infrastructure to serve the project redevelopment area.

Village Commitments

  • 1 year exclusive consideration for the developer. Village cannot negotiate with other developers for redevelopment of the defined redevelopment area.
  • Village will reimburse the developer for all eligible costs, through TIF incentives, that are incurred prior to the signing of a redevelopment agreement if the redevelopment occurs.
  • Expand the current downtown TIF to incorporate the additional property within the proposed redevelopment area.
  • Village would reimburse the developer for all Village Costs paid for by the developer (from the developer’s escrow account established with the Village) if the Village terminates the MOU without cause. 

Additional Information

A preliminary concept plan was included as part of the MOU.  Although this plan does include general concepts for each of the redevelopment phases (as of 2/28/2014), the size, layout, and uses of buildings and their exact locations are subject to change up to the point when final plans are approved.  Click here to view the Phasing Plan.

Fox River Grove, Illinois

Village Hall
305 Illinois Street
Fox River Grove, IL 60021