By Carol Kania Morency
Of the many factors Elmhurst officials must consider when deciding between two visions for the Hahn Street properties, one major question is, which would be the better investment?
Monday night, a consultant’s analysis may have tipped the balance toward the proposal floated by Lincoln Property Co.
Last month, Lincoln and fellow finalist Morningside Group outlined their plans for the 10-acre parcel between York and Addison Avenue, just north of Hahn Street. The parcels are now part of the North York Road tax increment financing district, which stretches up to Grand Avenue.
Robert Rychlicki from Kane McKenna, a consultant the city uses to evaluate its TIF districts, outlined the differences between the two plans on Monday. Lincoln is proposing a five-story building with 216 apartment units and 14,000 square-feet of leasable retail space. Morningside has presented both a four-story building with 139 apartments and a six-story building with 207 apartments. Both Morningside plans would feature 12,000 square-feet of retail space.
The differences can be seen when bids for the land and permit fees paid to the city come into play. Lincoln is willing to pay $2.5 million for the land; Morningside is offering just more than $1 million for the six-story proposal. Lincoln also is asking for $500,000 in assistance from the TIF building fund; Morningside wants at least $3 million for both the four- and six-story buildings.
According to Rychlicki, all of this adds up to a net gain of almost $11 million to the city if the Lincoln plan gets built. The six-story Morningside plan is expected to be a gain of about $5.6 million, and the four-story idea only $16,000.
Because the Council also had to finish its budget discussion on Monday, aldermen will ask their questions about Rychlicki’s analysis at a special Committee of the Whole meeting next Monday.