SB Friedman is providing a range of financial and development consulting services to the Village of Homewood to facilitate downtown revitalization and transit-oriented development near the Metra and Amtrak stations.
Prior to our engagement, the Village solicited developer qualifications for several downtown sites and selected a preferred development partner. We assisted the Village in negotiations with this developer who proposed a transit-oriented, residential and commercial mixed-use building. Our work included:
- Reviewing multiple iterations of the developer’s pro forma to identify its need for public assistance. In this instance, we identified a financial gap that was preventing the project’s financially feasibility.
- Providing negotiation support and testing alternate assistance packages to close the financial gap, including the preparation of tax increment financing (TIF) and sales tax projections.
Our overall scope of work for the Village includes development advisory services related to various projects and developers, such as:
- Financial deal reviews for various proposed projects in downtown Homewood;
- Financial structuring and risk mitigation advice; and
- Identification and projections of potential public revenue sources to assist with public improvements and private development projects.
To date, we have led the eligibility study and designation of a new downtown TIF district as a public redevelopment tool.
Results: The Village of Homewood designated the new downtown TIF district in April 2017. Negotiations between the initial developer and the Village are currently on hold, and the Village continues to seek additional developers for downtown sites.