Tuesday, July 3, 2012
City Council passed a redevelopment agreement with Morningside Equities for the construction of a 306-unit building on a vacant block in downtown Wheaton.
The Wheaton City Council approved a redevelopment agreement with Morningside Equities Monday night for the construction of Wheaton 121, a luxury apartment complex at 218 Wesley Street in downtown Wheaton. Morningside will use TIF District 2 funds for public improvements, including public plazas, street lighting, curb improvements and public benches. Keep up with Wheaton news on the Wheaton Patch Facebook page, and sign up for our free daily newsletter! The council approved the details of a letter of credit and subordination agreement with the developer. The letter of credit is for $500,000, with interest payments from the city as part of the TIF reimbursement. City Manager Don Rose said the payments are expected to be about $10,000 a year …
Tuesday, June 26, 2012
Financial safeguard details remain unresolved.
The Wheaton City Council remains somewhat divided on the need for financial protection related to its TIF money investment in a proposed downtown apartment complex. On Monday, the council met in a special session to again consider a redevelopment agreement and the overall plan by Morningside Equities to build the 306-unit building on a vacant block bounded by Wesley, Cross, Front and Scott streets. Keep up with Wheaton news on the Wheaton Patch Facebook page, and sign up for our free daily newsletter! City Manager Don Rose said details of a letter of credit and a subordination agreement remained in flux since the council met a week ago, with some information on what Morningside's lender, Bank of America, wants not reaching council members …
Monday, November 21, 2011
Morningside Equities passes due diligence period that ends today, plans to close on 218 E. Wesley St. by end of 2011 or early 2012.
A developer will proceed in its deal to purchase 218 E. Wesley St. in downtown Wheaton after completing a due diligence period that ends Monday, Mary Ellen Martin, senior development manager for Morningside Equities Inc., said. Morningside Equities, a Chicago-based firm which plans build a 300-unit apartment complex on the vacant, bank-owned lot, will close on the property by the end of the year or in early 2012, Martin said. Construction would begin in 2012. To proceed with the deal, Morningside needed assurance it would receive support from the city for costs related to public improvements and negotiating impact fees. Morningside presented its vision for the property to City Council in a Nov. 8 meeting as part of its due diligence to …
John Mihas
12:11 pm on Tuesday, July 3, 2012
So the city will spend 1.3 million of taxpayer money to help a developer. In the meantime the city has no money to adequately lay salt on streets, during the winter months. Makes sense, Yes I have been to to council meetings. more ›