ALGONQUIN – Developers of the planned Prairie Path subdivision are looking for more time to get started on their project.
Terra Cotta Realty and Kennedy Homes, developers of the planned Prairie Path subdivision, are asking the village to extend their annexation agreement by 10 years.
The current agreement is set to expire in the spring of 2014. The final plat was set to expire in October of this year.
"We wanted to renew those two to maintain their entire [agreement] to develop the property," Community Development Director Russell Farnum said.
Work on the subdivision, which is planned for about 85 acres north of Highland Avenue and east of Presidential Park, has yet to begin, Farnum said.
Farnum pointed to the struggling economy for why work has yet to begin on the property.
The new agreement reflects changes since the original agreement was approved in 2004, including changes to a planned open space and bike path layouts.
It also notes the extension of streets and utilities to accommodate the proposed River Ridge Estates. Prairie Path would be to the southeast of River Ridge.
The agreement also calls for larger water mains in Prairie Path. Increasing the the planned water mains would be paid for by the developers of River Ridge Estates, Farnum said. That cost still is being determined as engineering is ongoing.
The plan also includes increasing the number of lots to 135 from 130.
Prairie Path originally was planned to be luxury houses that would range from $500,000 to $600,000. However, what the price point would be in the current market has yet to be determined, said Tom Hayward, chairman of Terra Cotta Realty.
Whether Terra Cotta and Kennedy Homes actually carry out the project remains to be seen. Hayward said the developers are looking for a buyer to take over the project.
He said the extension gives them time to find a buyer for the project, which has been approved and is in a good location.
A part of the new agreement, the final plat also would be in place for four years. Typically final plats for developments are in place for two years.
"It gives them longer to get going on the project," Farnum said.
The village's Committee of the Whole is scheduled to review the extension request.
When: 7:30 p.m. Tuesday
Where: Ganek Municipal Center, 2200 Harnish Drive.