The Hoffman Estates Village Board approved an ordinance Monday that allows the village to acquire two vacant properties on Golf Road.
The properties, located at 75 E. Golf Road and 85 E. Golf Road, are estimated to cost about $840,000. They will be purchased with funds from the Roselle Road tax increment financing district.
According to Cook County's CookViewer website, the properties once housed Woodfield Motor Sports.
Village Manager Jim Norris said the village is allowed to acquire property in a TIF area with increment money in order to eliminate blight or create other public opportunities. The increment can also be used by the village to pay for public improvements adjacent to or on the TIF property.
"These two properties have been vacant for a number of years," Norris said. "It's in the best interest of that commercial district for those properties to be acquired using funds that come specifically from that property."
TIF districts are used to provide developers with financial incentives with extra property taxes from growth being used to pay for some development costs instead of going to other taxing bodies.
"The village's intent is to purchase the property, demolish the antiquated, blighted buildings and look for the potential redevelopment of the property in the future," Norris said.
The ordinance was passed unanimously, but further action is pending environmental inspections.