Lake Barrington hires consultant to boost economic development
Lake Barrington has hired a $2,500-a-month economic development consultant in a move that officials hope will lead to more businesses locating in the village.
Cary-based Scott Partners Inc. has a contract running through March 31, 2019, to assist Lake Barrington in projects such as finding developments that generate sales tax, examining economic incentive programs and streamlining the village's business license process. The firm is owned by Kathleen Scott.
Scott's resume includes being director of business development at the Pepper Park strip plaza in Lake Barrington and a previous stint as a village consultant whose duties included public information and social media. She said Lake Barrington is ripe for new business development.
"We're not saturated," Scott told the Lake Barrington village board at a recent meeting. "So many villages are saturated with 15 coffee shops and 10 fast-food restaurants, 30 banks. And we're not saturated. There's a lot of opportunity."
Village Administrator Karen Daulton Lange said the agreement with Scott Partners has a clause allowing termination by either side with a 30-day notice.
Trustee Andrew Burke said Scott will provide monthly and quarterly reports so the village can closely monitor the work being done. Scott Partners specializes in business and economic development.
Lange said one of the economic development priorities is the vacant former Pasquesi Home and Garden site on Northwest Highway just west of Pepper Road. In business for about 30 years at the Lake Barrington location, Pasquesi cited an inability to recover from a 2008 economic downtown for the January closure.
About 23,500 daily vehicle trips occur at Northwest Highway and Pepper, according to the most recent Illinois Department of Transportation count. Officials believe the signalized intersection should be attractive for business.
Although the village's property tax levy has been the same for the past four years, and Lake Barrington still provides free garbage collection, Lange said the village needs more sales tax revenue to ease residents' property tax burden.
"We're very fiscally conservative," she said. "But at the same time, we want to take the pressure off the residents and keep providing these wonderful services. So, improving our retail sales will do that."
Village documents from the budget year that ended April 30, 2017, show $454,600 in sales and use taxes accounted for 15 percent of Lake Barrington's revenue. The village received 28 percent of its income from property tax.
Lake Barrington projects at least $100,000 in annual local sales tax from a Speedway gasoline station and cafe that opened in December at Northwest Highway and Kelsey Road.