Wheeling gives Prairie Park developer extension for condo plans

Pat Horcher was the only Wheeling trustee to vote against a new agreement with Prairie Park developer Mark Smith on Tuesday.

"He's supposedly had these plans ready to go for years, and now he doesn't have them?" Horcher said after the village board meeting. "How long does it take to turn over the bookkeeping?"

Smith told village officials it's taking 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. Smith attended Tuesday's meeting but didn't address the board.

On July 12, the Wheeling village board voted 4-2 to give Smith the $6 million in tax increment financing funds, bringing the village's total contribution to the project up to $10.5 million. According to that agreement, Smith was supposed to turn in a list of TIF eligible expenses and a plan to construct a clubhouse by July 31.

The new agreement approved on Tuesday pushed back the deadline to Sept. 30, Village Attorney Jim Ferolo said.

There is no deadline for when the clubhouse must be completed, he said.

Horcher - along with Trustee Ray Lang - also voted against giving Smith the $6 million back in July.

Of 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 Smith will get the money only as he sells new units.

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.

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.

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