Setting the Record Straight...
This is not government, Section 8, or subsidized housing. Pedcor is a privately owned corporation that pays taxes and maintains their own property. This increases our affordable housing stuck to 7.4% (from 6.9%), still shy of the state's mandate of 10% but making progress. Residents will have to go through 4 different background checks and will be required to prove they are gainfully employed, credit-worthy and upstanding. As a result, this development will bring new young professionals and families from the McHenry County area, aged 20-30, who are looking for a place to put down their roots.
The simple truth is that we took advantage of Meyer Material’s desire for a short mining extension to gain significant benefits for the village. In exchange for the extension, Meyer agreed to reclaim the terrain at this site so it will be ready to transform into a public park, including installing a walking path around the lake and providing a parking lot, in addition to paying all fines and penalties and making a cash donation to the park district allowing them to connect a path to the trail system. When the village made the original deal in 2008, the board didn’t have a final plan to reclaim the property after mining was completed, meaning Meyer would leave in 2016 and we, the taxpayers, would have to pay for the restoration. Now, we have a safe and usable restoration plan in place that results in significant taxpayer savings, providing a wonderful lake and park for our enjoyment for years to come.
A developer approached the village looking to put in 300-400 market-rate apartments at the former Maplewood elementary school site in the downtown area near the Metra parking lot. We had just completed our comprehensive plan which called for higher density homes in that area near the train station. While we pointed out the need to develop the property because the school district no longer wants it and the village wants to get the property on our tax rolls to benefit the entire community, we never supported this specific project, which ultimately never moved beyond the speculation stage.