Meadowbrook Place Plans for Improvements in Novemeber

Plans for Meadowbrook Place Subdivision, a five-acre, residential development at Rte. 83 and Meadowbrook Dr. will move forward despite some initial setback, and is one example of how the Village has managed to keep development going in a tough economy.

The final plat for the seven-lot subdivision was approved three years ago and at the most recent village board meeting on Oct. 27, trustees decided to extend the completion deadline for infrastructure improvements such as streets, sewer and lights. This will be the second, one year extension for improvements at the site.

Whenever a final plat is approved in Burr Ridge, the village holds a letter of credit and sets a two-year deadline for improvements on the property. In some cases, the Village will draw on that letter of credit and complete the improvements itself, if the the developer does not meet the deadline.

Burr Ridge Community Development Director Douglas Pollock said that with subdivided developments, the individual lots don't sell until the improvements are completed. The letter of credit ensures that even if the developer defaults in making the improvements, they will be completed and the lots can be sold and developed.

He said the Village recently had to complete improvements for the Savoy Club at 79th St.

"The developer made most of the improvements but it was never totally completed," Pollock said. "The Village drew on the letter of credit and finished all the necessary work."

Mayor Gary Grasso said that whenever possible, the Village tries to avoid that situation and work with the developer.

"We always prefer to work with the developer, it never gets better when that relationship breaks down," he said.

The mayor also said the Meadowbrook development keeps with the comprehensive plan of the village and is the type of residential additions they would like to see.

The village comprehensive plan sates that future residential developments "should maintain, preserve and create additional wooded areas and other natural features. ... Future residential developments should be encouraged to have lot sizes of 30,000 square feet or larger."

Meadowbrook developer John Kantor said at the board meeting that the timing of the original plan – during the height of the recession – caused them to lose their financing with the bank, but they have now closed on financing through a different bank and are ready to begin construction in November.

"Hopefully we don't need the whole year," said Kantor. "It's a great project and it's going to be great for the village as well. It's just that timing is everything, and apparently, the timing wasn't the best."