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PROPOSED HOME INVESTMENT PARTNERSHIPS PROGRAM
Department: Planning and Development
Other Part(ies): Hanover Landing LLC, Lincolnwood, IL
Request: Respectfully request the Board approve a $1,500,000, 32-year construction and permanent loan with 0% interest and an annual $5,000 payment to support the new construction of Hanover Landing, an affordable permanent supportive housing development in Elgin, IL
Total Development Cost: $16,030,794.0
Project Loan Amount: $1,500,000.00
Fiscal Impact: $1,500,000.00
Account(s): 11900.1013.53956.580170.
Summary: The new three-story building will have forty 535 SF one-bedroom units, with one unit reserved for the onsite manager. The common areas of the building will be fully accessible, all units will be visitable, and six units will be fully accessible, four units will be adaptable and two sensory impaired units will complete the twelve-unit accessible unit mix.
The development will be located at 711 East Chicago Street and 712 East Laurel Street, in Elgin, Illinois, encompassing approximately 3.87 acres. The proposed building will have entrances on both Chicago and Laurel to facilitate public entrance and resident entry tied closely to the management office.
Currently, there is a two-story, 1,778-square-foot, single-family residential structure, and associated garage, both scheduled for demolition under the subject development. The remainder of the subject property consists primarily of a gravel parking area, lightly forested areas, and pine tree nurseries. The back half of the land will remain undisturbed as the land slopes to be inside the 100-year flood plain. Both a Phase I and Phase II have been completed, examining the property for concerns, yielding no further remediation recommendations.
The new development will have landscaping all around with walking paths connecting the building to the rest of the grounds, including picnic and gardens area approaching the rear of the property. ...
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