You may recall that Security Properties, a real estate investment and development company in Seattle, fought hard for much of last year to get approval for zoning changes for DeKalb’s University Village apartment complex. Security wanted to buy and rehabilitate UV, but first had to meet its government lenders’ conditions, and those requirements included action by our city council.
The company actually arrived in DeKalb much earlier, and one of its tactics in 2014 was to approach Bill Nicklas, at the time a Northern Illinois University VP, to ask him to send a letter of support to City of DeKalb. Some of this conversation played out over email. Here’s a highlight:
Given DeKalb’s code requirements regarding legal nonconforming uses, our permanent lender (HUD) and allocating agency directing low income housing tax credits and trust funds to the project (Illinois Housing Development Authority) are not willing to consider applications for funding with zoning as-is. As a result, we will be making an application to DeKalb for a Planned Development that would allow the site to exist in its’ [sic] current state as a conforming use.
Given your background with the city, I thought it would be worthwhile to get your thoughts on this process and how we can best navigate the proposal to a successful ending. Also, we would very much appreciate a letter from you supporting the transaction that we can include with our submission. I’m happy to forward a draft support letter if that is helpful.
So, a private developer is asking for help from a unit of state government in greasing the wheels on a deal with local government. Think about that. Read the rest of this entry