North Cook News

The redevelopment agreement with Capstone Development Group LLC was at the top of the agenda at the City of Elgin Committee of the Whole meeting on March 16.

The final construction bids exceeded the original budget, increasing the city's development assistance by $1.65 million.

The redevelopment plan presented by Capstone would convert the historic art deco office building into 45 one and two-bedroom apartments.

The original redevelopment agreement was entered into by Capstone and the city nearly 18 months ago. Total project costs at that time were estimated at $13 million. The construction was estimated at $8 million. Because of unavoidable delays, the construction costs have increased to $12 million. The amendment would increase the city's assistance from $4.7 million to $6.35 million. Capstone has revised the construction schedule to complete the rehabilitation by December.

The committee also considered contracts and grant award recommendations at its meeting. The site restoration for utility cuts, collision repairs to vehicles and equipment and sidewalk repair contracts were heard and considered. Also heard were the Cultural Arts Commission 2015 Grant Award recommendations.

After dispensing with all business and announcements, the committee adjourned to an executive session to discuss personnel matters and the selection of a person to fill a public office.