Subsidies For $1 Million Hinsdale Homes OK'd
HINSDALE, IL – A Hinsdale committee last week recommended subsidies for three historic houses worth more than $1 million.
The houses are at 515 S. Lincoln St., 217 W. Hickory St. and 605 E. Third St.
A couple of years ago, the village created incentives for residents to preserve the looks of houses deemed historic. This was meant as a way to avoid the trend of tearing down historic homes and replacing them with new ones.
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Under the incentive program, the village may remove the village’s part of the property tax bill for five years. To make that a reality, an owner must spend at least $50,000 on exterior improvements. The program allows the village to cover half of the eligible project costs, up to $10,000 per project.
At its meeting Thursday, the village’s Historic Preservation Commission approved an estimated $6,800 in tax incentives for the house at 515 S. Lincoln, built in 1896.
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Now owned by Larysa Domino and Brian Stahl, the house sold a year ago for $1.3 million. The owners plan to add a detached garage.
The house at 217 W. Hickory is in line for $6,000 in tax incentives. The owners, David and Sarah Chase, are planning two additions to their more than 150-year-old house.
Commissioner Jim Prisby praised the project, saying he grew up a block away from the house.
“This house has long been on my radar as a great house,” Prisby said. “There used to be a guy who lived there who had four dogs.”
The house sold for $1 million in 2017, though there are signs it is worth more now.
The commission also approved $8,600 in tax incentives for the house at 605 E. Third. Built in 1935, it is owned by Frederick and Elizabeth Regnery. A rear addition is planned.
The house sold in 2016 for $1.5 million.
The Village Board has the final say on the subsidies.
In all three cases, the projects are estimated to cost far more than the planned subsidies.
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