Board approves recapture reduction and five-lot subdivision at 25 Hidden View

The Village Board approved two related items for 25 Hidden View Drive: an ordinance reducing the recapture cost owed under a 2011 recapture agreement and an ordinance approving a preliminary plan and final plat to split the parcel into five single-family lots in the R-3 district.

Assistant Village Manager Parker told the board the original recapture agreement required repayment tied to public improvements; staff proposed a sliding scale that rises for the first 10 years and then declines, allowing a smaller annual recapture amount to make development more attractive. "So this is an item that the village board has talked about a couple of times at committees... We've now got somebody who is interested in purchasing the property and willing to pay the reduced recapture costs," Parker said.

Trustees voted to approve the recapture reduction and the subdivision; trustees noted the lots meet R-3 standards and that there were no variances required. Trustee Plowman moved the recapture motion and Trustee Guzzo seconded; both measures passed on roll-call votes.