SYCAMORE – A northern Sycamore subdivision is on its way toward future developments.
The Sycamore City Council unanimously approved an agreement with Youssi Investments on Monday to purchase 85 lots in North Grove Crossings subdivision after more than two years of negotiations.
The cost of the 85 lots, which are currently owned by Old Second National Bank, would be $510,000. Youssi Investments has agreed to post a letter of credit in the full amount upfront, said City Manager Brian Gregory.
The subdivision will undergo public improvements through three phases of street lifts to be done no later than September 2018, Gregory said.
North Grove Crossings is part of a handful of Sycamore’s subdivisions that have yet to be fully developed.
Sycamore Mayor Ken Mundy said the city is working to improve and develop other subdivisions in the area in similar situations, but improving North Grove Crossings is a solid start.
“It’s very good for Sycamore that this agreement has been reached,” he said.
A few North Grove Crossings residents, including Bryan Jurewicz, were in attendance at Monday’s meeting to express their concerns about a new developer taking over.
After the previous developer defaulted in 2008, Jurewicz said many homeowners in the subdivision want to make sure any new housing developments are up to standards in design, quality and value.
Gregory said Youssi most likely will build a few homes, but then sell the other vacant lots to local builders.
Mundy said he could understand the concerns of the neighborhood’s current homeowners.
“We can’t determine who builds the houses,” he said. “However, we certainly would look forward to quality housing in that area.”