Breakdown of the $44 Million Spent So Far on Village's Triangle Redevelopment Project

As of June 30, 2011, the had spent $44,315,758 on the .

This amount has gone towards acquisition of land, legal fees, construction of the Metra Station and more, according to records released by the village’s finance department.

It breaks down as follows:

Land Acquisition

$18,403,470

Metra Station (including engineering)

$3,403,207

SW Highway Improvements/Parking

$5,553,242

Infrastructure Improvements

$13,095,306

Professional Services

$1,044,830

Miscellaneous

$8,088

Bond Interest/Paying Agent Fees

$2,807,615

Expenses listed under the miscellaneous and professional services categories mostly include legal fees, the publishing of legal notices, conference calls and supplies for the grand reopening of the 143rd Street Metra Station, Village Finance Director Annmarie Mampe said. Infrastructure improvements include work on 142nd Street and the detention pond, she said.

Of the nearly 80 vendors that reportedly earned more than $10,000 between 2005 and 2010 on this redevelopment project, several of which earned more than $1 million:

LR Contracting Company (construction)

$10,921,713

Near North National Title (title insurance)

$9,991,676

George Allen Construction Co. (construction)

$5,105,743

Cook County Treasurer (land acquisition)

$3,088,070

McDonough Associates (construction)

$1,234,783

(See the documents attached to this article for more details about vendors and expenses. Please note that the 2010 TIF report is in the process of being amended. On page 3, the $19 million listed for “Land/Building Sale Proceeds” and the $750,000 for “Bond Proceeds” should be moved one item lower, respectively. The village made $19 million in bond proceeds and transferred $750,000 in 2010.)

Ninety 7 Fifty On the Park, a luxury mixed-use apartment building that is the first of several projects within the land, is expected to .

Village staff is anticipating (see page 10 of 2010 report) that the project, once completed, could catch $120 million in private investment, from the construction of a restaurant, coffee shop or grocery store, for example.

“It’s a vision of what we want,” Mampe said. “It could be less or it could be significantly more.”

Depending on the success of the project, the village could recoup some of the $44 million incurred thus far, according to the village’s agreement with developer Flaherty and Collins Properties. Mampe estimated the village could recoup about $9 million.

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