April 29, 2011

Stonebridge to Sign Over Property to SunCal Early Next Week

By Alaina Buzas
LAKE FOREST-LAKE BLUFF PATCH

The 47-acre Stonebridge property will be in the hands of the development company, SunCal, by early next week, according to Chris Rintz, managing partner of Stonebridge Lake Bluff, LLC.

The Lake Bluff Village Board approved two resolutions and the second reading of an ordinance Monday night (April 25) that allowed the Stonebridge deal to move forward.

In November 2006, the Village placed an age restriction on the Stonebridge property and approved a development agreement between Stonebridge and the Village. On Monday, the Board approved the amendment of the development agreement and the removal of the age restriction.

The Board also passed a resolution on Monday approving a transferee assumption agreement to allow SunCal to replace Stonebridge LLC as the new owner and developer of the property. Once the title is transferred, SunCal will assume all obligations, terms, conditions and requirements in the Development Agreement with the Village, according to the resolution.

All changes made to the development agreement, including the removal of the age restriction, will not take effect until SunCal legally acquires title to the Stonebridge property. Once the title has been signed over to SunCal, the property will be held under a SunCal entity entitled SB2011, LLC.

If the Board had voted not to approve the agreements, Stonebridge would have completed foreclosure, according to Rintz.

Trustee John Josephitis mentioned during the board’s meeting on Monday that local real estate agents had told him foreclosure on the property would be the worst thing for the village.

“I talked to several real estate agents regarding this and every one of them said the worst thing that can happen for this property and the adjacent neighborhoods is to let it go into foreclosure,” Josephitis said.

“It’s affecting the property values here. People aren’t selling their houses because no one knows what is going to happen to this property. We’re at the bottom now so how do you get out?”

Trustee Rick Lesser disagreed, saying he believed the best thing for the village would be to let the bank seize the property.

Lesser voted against both resolutions and the ordinance. His was the only ‘no’ vote on each item. Lesser has been vocally against the Stonebridge development from its beginning, and once again made it clear he does not think the property will succeed.

“This will always be a bad fit. This will be a problem for the village for years to come,” Lesser said.

After the Board’s vote, Rintz thanked the Board for the time spent on Stonebridge issues and even mentioned the respect he had for Lesser’s opposing views.

“There are quite a few Villages I have done business with in the past who wouldn’t even take time to consider a request like this. You have to understand how much I appreciate even the opposing because that’s part of the process, too,” Rintz said.

“I know this wasn’t an easy decision. It wasn’t a decision that was taken lightly and it is hopefully going to be something that allows this project to move forward… and allow it to be a real positive addition to the Lake Bluff community.”

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