Schaumburg trustees Tuesday forwarded a redevelopment concept plan for the north side of the village along Algonquin Road to the plan commission for a public hearing at 7:30 p.m. Tuesday, Nov. 19.
Village board approval of the plan -- which envisions an entertainment district near the Schaumburg Convention Center and new tollway interchange ramps at Meacham and Roselle roads -- is expected Dec. 10.
Approval of a tax increment finance district to provide funding for the plan's public improvements is anticipated to follow in January.
Schaumburg Economic Development Manager Matt Frank said it's important that the concept plan be approved before the TIF district as the envisioned land use must agree with and support the TIF.
Among the key points of the plan are designating the north side of Algonquin Road for multifamily residential buildings; replacing large surface parking lots with more space-efficient parking decks; creating new open space and trail linkages; and the attraction of new hotels, entertainment venues, stores and apartments or condos to the area around the convention center.
The planned TIF district will have its own public hearing at 7:30 p.m. Nov. 20. An initial meeting of its joint review board, made up of other affected taxing bodies, will be at 1:30 p.m. Friday, Oct. 25.
While the Nov. 19 public hearing will be on the land-use plan itself, the Nov. 20 hearing will be on the funding mechanism of the TIF district.
A TIF district works by freezing the property taxes local governments receive at the level of the first year. As values rise, increases in the amount of taxes collected go to a municipally held fund to pay for public improvements in the district. A TIF district expires after 23 years or when all public improvements have been paid off, whichever comes first.
Pending projects already identified as having TIF-eligible aspects are the relocation of Zurich Insurance to a part of the Motorola Solutions campus, and construction of an access road for the new North American headquarters of Sunstar Americas Inc. next to Medieval Times Dinner & Tournament.