Besides offering a variety of amenities for different needs, The Sheridan at Green Oaks senior community is a big step for the tiny village in another respect.
The $50 million project on Waukegan Road near Atkinson Road is one of two anchors in a long-range plan to revitalize the Route 176 corridor and spark investment in Green Oaks.
"It is our goal to take blighted areas and make them into places people want to come and live and work," Mayor Bernard Wysocki said Wednesday during a ceremonial ribbon cutting for the facility.
The Sheridan has 198 total units, including 78 independent living units; 64 assisted living; and 56 memory care. The independent living portion opened a few weeks ago and about 70 percent already have deposits.
The assisted and memory care units, which are regulated by the state, are scheduled to open June 1.
By that time, the 194-unit Green Oaks Senior Living community -- on the former Jamaican Gardens property at 14595 W. Rockland Road -- will be nearly finished. It is the second in the one-two punch of projects expected to fuel the special financing district designated by the village in late 2014.
"This is going to be huge," said village Trustee Bryan Muskat, who was among about 30 at The Sheridan event. "Next year, we'll start getting the incremental value."
The retirement communities are at opposite ends of a tax increment financing district. As the value of properties increase, the added tax is not distributed to local taxing bodies but kept in a special fund to be used for various improvements in the designated area, commonly known as Rondout.
Green Oaks agreed to refund up to $4.3 million in eligible expenses for The Sheridan over the 23-year life of the district. Twenty-five percent of every dollar in increased value generated by the project will be used for the rebate. The remaining 75 percent will be available for projects in the district.
Village officials will be prioritizing what should come next. Drainage improvements north of Route 176 and east of Interstate 94, as well as the extension of Bradley Road and improvements at its intersection with Route 176, are expected priorities.
"There's a lot of public works projects we have in mind to develop (the designated area) and attract business," said village Trustee Dan Sugrue.
Other successes so far are the conversion of the former Fatman Bowl into the Post Time off-track betting facility; relocation and expansion of the North Shore Distillery; and expansion of Jessup Manufacturing.
The Sheridan, so far, is the only project that has requested TIF funds as an incentive.