At its March 28 board meeting, the La Grange Village trustees were presented with a request from Aldi, Inc. for economic incentives in developing its new store at 333 N. La Grange Road.
This request also went hand-in-hand with a request for agreement with Homestead Apartments and Woodsman of the World Insurance to reimburse the nearby residential apartment complex for any damages to landscaping and the area when Aldi tears down the existing commercial building and constructs a new one for the future grocery store.
Representatives of The Homestead Apartments, which are an adjoining property, is asking the village to make an agreement to guarantee some measures should Aldi be granted all its variations and moves forward with the site plan. The representatives want to be reimbursed for property damage in a split payment of $24,000, half from its insurance agency and half from the village, and have a landscaping perimeter installed before August of 2024. The representatives also want to ensure no truck deliveries would occur at the store between the hours of 9 p.m. and 7 a.m., except in the case of emergencies.
The council unanimously passed this agreement and were grateful to members of the Homestead residences for working so well with the village.
Aldi had put in for several requests for zoning variations for its site plan. The six variation applications included exemptions from exterior lighting levels, decreases in ground floor transparency levels, reduced landscaping around the building, reduced parking-lot size requirements, reduced number of landscaping islands in the lot, and elimination of a buffer yard on the east side of the building. There was some public concern over the potential traffic and safety hazards brought on by the new site, but the village board approved the variations and approved the economic incentives for development.
“Village staff and the village’s special counsel have … negotiated the terms and conditions of an economic incentive agreement with the developer,” said Juan Silva, trustee of the Village Board. “Investment by developer: approximately $5,222,000. Project completion on or before Dec. 31 of 2024. Village’s obligation: on an annual basis 75% of the property’s incremental taxes and 75% of the PBT taxes generated from the grocery store will be paid to the developer as reimbursement for eligible project costs. Approve the incentive amount not to exceed $800,000. The agreement will terminate on Dec. 31 of 2040 or as soon as payment is made in full of an amount not to exceed $800,000,”
