At its August 17 regular meeting, the Village Board approved the Madison Street Ordinance and Redevelopment Agreement, with added conditions and one change within the RDA, following the project’s move through the Village’s Planned Development Process.
Village Board Ordinance & Redevelopment Agreement
The following conditions were included in the Village Board’s approval:
- Authorizes the creation of a $300,000 neighborhood impact fund to address resident issues for those who live within the TIF district on Ashland and Lathrop and Franklin. (This is in addition to the developer's contribution to the neighborhood impact fund included in the redevelopment agreement.)
- Directs staff to finalize agreements with the two adjacent neighbors for a vote at the September Village Board meeting.
- Creates a resident committee focus group to address traffic and safety measures for the surrounding neighborhood.
- Commits to performing a Post Occupancy Traffic Impact Study, and installation of traffic calming measures as the result of resident input. This shall include a simplified, accelerated process for reviewing recommendations from the Traffic & Safety Commission.
- Commits to replacing any existing lead service lines in the 000 blocks of Ashland and Lathrop.
- Commits to replacing sidewalks on the 000 and 100 blocks of Ashland and Lathrop.
- Commits to providing complimentary window washing of any home on the 000 and 100 blocks of Ashland and Lathrop, as well as the 7600 block of Vine, following construction.
- Requires the enforcement of traffic & safety measures during construction, including prohibiting contractor parking on the 000 and 100 blocks of Franklin, Ashland and Lathrop.
- Requires that the streets on the 000 and 100 blocks of Ashland and Lathrop are cleaned during construction.
The approval also includes a change to the redevelopment agreement, requiring that 50% of building permit fees be paid upon issuance, with the remaining 50% due upon receipt of a certificate of occupancy. This replaces language that allowed the developer to pay the permit fees over a 5-year term.
An updated Redevelopment Agreement and Ordinance with these conditions will be linked on this page once final.
Frequently Asked Questions - UPDATED August 14, 2026
The Village has compiled an FAQ to address questions about development at the Madison Street site. These are the most recent FAQs available prior to the Village Board’s review of the application on August 17, 2026.
Read the Updated FAQ
Development Proposal Timeline
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February 2025
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Village Board retained JLL, Inc. a top real estate broker, to manage the marketing and proposal process.
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April – May 2025
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JLL marketed the Madison property to developers. More than 50 developers review the opportunity.
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June 2025
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Based on the level of interest, JLL issued a “call for offers,” requesting that interested developers submit an official “letter of interest” with information about their proposed concept for the property.
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June – July 2025
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Seven developers submitted letters of interest. JLL and Village Staff met with five to ask questions and share information about Village goals and residents’ input about development at the Madison & Ashland site.
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August 25, 2025
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Village Staff shared findings and recommendations with Village Board. Two finalist candidates are selected. Reasons for removing other candidates from consideration included uncertainty of a funding source, need to purchase adjacent property, size of project, and lacking or incomplete information.
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October 27, 2025
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Ryan, LLC, a global tax services and economic development consultant, delivered a report to the full Village Board evaluating the viability of the two finalist development proposals.
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November 2025
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Trustees toured previously developed sites with finalist firms, consider the two proposals, and select Five Thirty One Partners’ proposal to move forward.
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January 22 and 24, 2026
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The Village hosted Open Houses for residents to learn more about the proposal and provide feedback in person.
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January 26, 2026
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Project presentation at open Village Board meeting, commencing the Planned Development Process, which included public meetings and hearings before a Village Board vote.
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February 4, 2026
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The developer attended the Economic Development Commission meeting to discuss retail opportunities for the proposed commercial space.
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February 5, 2026
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The Village hosted a third Open House for residents to learn more about the proposal and provide feedback in person, this time at Village Hall.
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February 19, 2026
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The developer presented their proposal to the Development Review Board in accordance with the Planned Development Process.
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March 5, 2026
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Neighbor Meeting was held at the RF Civic Center, Dance Studio.
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June 24, 2026
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Planned Development Application and Public Notice for the Development Review Board Hearing were published. The application was reviewed and assessed by Village staff and department heads. |
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July 9, 2026
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Development Review Board Public Hearing at Trinity High School Gymnasium. The DRB unanimously voted to recommend that the Village Board approve the project.
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August 10, 2026
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Public notice that the development will be considered at the August 17th Village Board Meeting.
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August 17, 2026
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The Village Board considered the application and voted to approve the development, with added conditions.
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This timeline will continue to be updated as more information becomes available.
TRUSTEE COMMENTS ON THE PROPOSAL & PROCESS
Trustee Bob O'Connell on Planned Development Process - click here
Trustee Lisa Gillis on Developer Selection - click here
Trustee Res Vazquez on Resident Questions - click here
Trustee Megan Keskitalo on School Impact - click here
Trustee Lisa Gillis on a Sustainable Community - click here