Geneva aldermen approve Emma’s Landing affordable housing agreement

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Geneva aldermen approved an affordable housing agreement Tuesday related to the Emma’s Landing subdivision, a 45-unit affordable rental townhouse development on 7.75 acres just north of Lewis Road that the city agreed to sell to the Burton Foundation.

In March, the council passed an ordinance granting the subdivision and planned unit development plan for Emma’s Landing, which stated the agreement would be approved before a building permit could be issued, officials said.

City Administrator Stephanie Dawkins said the closing on the property is scheduled for later this month.

The Burton Foundation’s legal counsel and the city attorney reviewed the agreement, which requires affordability restrictions to remain in place for a minimum of 15 years in exchange for a partial waiver of the city’s building permit, inspection fees, water and sanitary sewer connection fees, officials said. Fees would be limited to $150,000, an estimated savings of approximately $120,000.

Eighteen units are required to be occupied by a person, family, or unrelated persons living together whose adjusted income is less than or equal to 80% of the area median income, and 27 units are required to be occupied by a person, family, or unrelated persons living together whose adjusted income is less than or equal to 60% of the area median income, documents show.

The agreement is between ELA LLC, which is listed as the purchaser, records show.

Burton Foundation President Tracey Manning said ELA LLC is the joint ownership and partnership between the investor and the Burton Foundation.

The project was controversial, with some residents of nearby Sterling Manor subdivision opposing it over storm drainage, traffic and the effect of affordable housing on surrounding home values.

In 2019, the city council approved an incentive program to attract potential affordable housing, which included donating land for a nominal fee. Though the land was valued at $720,000, the council agreed to sell the land for $576,000 to the Burton Foundation because there were no other offers to buy it and because support for affordable housing is in the city’s strategic plan.

The vote Tuesday was 8-0 with two absent — 3rd Ward Alderman Dean Kilburg and 4th Ward Alderman Gabriel Kaven.

If the Burton Foundation does not begin construction of Emma’s Landing within six months of the new closing date, the property would revert to the city, according to the agreement.

Feeds,News,Region: AH,City: Arlington Heights

via DailyHerald.com > Top News

July 8, 2021 at 04:22PM

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