The Homewood Village Board approved the purchase of a three-story office building at 17924 Halsted St. during the June 9 meeting, authorizing village officials to move forward with the acquisition of the property from the Cook County Land Bank Authority (CCLBA).

According to Homewood Village Manager Napoleon Haney, the CCLBA previously had set the property’s targeted selling price at $50,000 through a Broker’s Opinion of Value, but village staff negotiated a lower sale price of $40,000 for the 15,600-square-foot building.

The board previously directed staff in May to negotiate the purchase of the property, he said.

The CCLBA acquires tax-delinquent properties through a legal process that removes back taxes and allows the agency to transfer properties for redevelopment and reuse. The authority acquired the Halsted Street building earlier this year, Haney said.

The property is located within the North Halsted Tax Increment Financing (TIF) District, which was established in February 2025. Because the district is newly created and does not yet have sufficient funds to cover the purchase, the village plans to use General Fund dollars to complete the purchase. The North Halsted TIF District would reimburse the General Fund once the transfer is approved. he said.

Staff intends to seek board approval later this year to transfer, or “port,” funds from the neighboring Northeast TIF District to the North Halsted TIF District to cover acquisition and other potential development costs. Under Illinois TIF law, funds may be transferred only between districts that share a common boundary, Haney said.

The transfer will be structured as an interfund loan, which will be repaid to the Northeast TIF District as tax increment revenue is generated within the district, he said.

The village will pay for title insurance on the property, and the building will be purchased “as is.” Under the agreement, 10% of the purchase price is agreed to be paid to CCLBA within 30 days of the execution of the signed term sheet. Haney said.

According to Noah Schumerth, Homewood interim director of economic and community development, the village also is interested in acquiring two additional properties. One property on Halsted Street is expected to be auctioned June 22, while another property at 900 Ridge Road already has been purchased by another buyer. The village is seeking a potential partnership with that buyer.

The village hopes to redevelop these properties into a residential space, Schumerth said.