Prairie Park developer asks for more time to put plan together

Wheeling developer Mark Smith can't meet the first deadline trustees set after voting to give him $6.5 million earlier this summer.

On Monday, Wheeling Village Attorney James Ferolo said Smith needs longer than expected to put together a list of expenses and plans for a new clubhouse and ring road for the Prairie Park condominium development, located along North Wolf Road.

"It's proven to take a little more time than anticipated," Ferolo said. "We're looking to push back the deadline from July 31 to Sept. 30."

Wheeling trustees listened to the news without comment.

On July 12, the Wheeling village board voted 4-2 to give Smith the $6.5 million in tax increment financing funds, bringing the village's total contribution to the project up to $10.5 million.

Trustees Dave Vogel, Dean Argiris, Robert Heer and Ken Brady supported giving Smith his money. Trustees Ray Lang and Pat Horcher voted against the measure.

Village President Judy Abruscato abstained because she's employed by MB Financial, the bank in charge of the project's financing.

From the $6 million, $2.5 million would finish site improvements, including a ring road within the development and a clubhouse.

The remaining $3.5 million would be performance based, meaning he'd get the money only as he sold new units, according to Ferolo.

The clubhouse was slated to be finished by May 30, 2011.

Smith said he has invested more than $80 million in the project so far, but Ferolo said Smith's debt has climbed to about $26 million.

So far, Smith has sold 161 units, while 79 remain unsold. No units has been sold so far this year.

Smith received $3 million in 2003 from the village TIF funds to build 306 high-end condo units in five buildings. In 2006, Smith asked for and received $1.5 million more to cover the rising cost of materials.

Smith asked the board for an additional $3 million in October and August 2009. He was denied both times.