The Grayslake Village Board agreed Tuesday to a plan that would help pay for improvements associated with development of the area’s huge Cornerstone Project.

Through the economic incentive agreement between the village and Alter Group, Cornerstone’s developer, the village will waive fees that would normally be collected during project development to offset costs associated with the development, said Mayor Rhett Taylor.

The agreement will help pay for a portion of water, sewer and road improvements related to the project, Taylor said.

These waivers will account for a maximum $10.4 million of an estimated $60 million in improvement costs for the development, which will include road work and utility extensions.

The agreement marks one of the last between the village and Alter Group before the project can move forward, Taylor said.

The 641-acre Cornerstone site lies west of the Tri-State Tollway and Illinois Highway 137 interchange.

The development will include shops, restaurants, offices, industrial space and residential space. It’s the largest development of its kind ever undertaken in Lake County.