Graydon Megan, Special to the Tribune

When Wheeling trustees voted in July to commit up to $6 million of additional tax increment funds to bail out developer Mark Smith and his Prairie Park condominium project, part of the agreement called for a number of milestones to be reached by Aug. 30.

Trustees had already been warned that the deadline would be missed for several items in the redevelopment agreement, including confirming total TIF-eligible expenses, securing construction bids for the completion of a clubhouse and ring road and a forbearance agreement between Smith and his bank.

“Those items have taken more time than we all anticipated,” village attorney James Ferolo recently told trustees. He said another month should see completion of all items, and the board is expected to be asked Tuesday to push the deadline back formally to Sept. 30.

Ferolo had said that, as of Aug. 23, only two bids had been received for the clubhouse construction — not the three the bank had sought — and included one from Smith’s own company, Smith Family Construction. Ferolo was expecting information on the bid amounts to be forthcoming from MB Financial, Smith’s lender.

The additional $6 million in village funds could bring the village’s total investment in the project to $10.5 million, far above the $3 million the village agreed to pay in 2003 when the project began.

Most of the new money would go to MB Financial in payments against about $26 million in construction loans that came due last year.