Panel thinks tax break for corner is fashionable
An advisory panel gave its support to a special taxing district Wednesday that West Dundee plans to use to redevelop the Spring Hill Fashion Corner at routes 31 and 72.
A joint review board made up of local government bodies voted 4-0 to recommend the taxing district, or TIF district, to the West Dundee village board.
The vote was non-binding, but it reflected the approval of two governments that receive taxes from the Fashion Corner -- the Dundee Township Park District and the Dundee Township Public Library District.
"They wholeheartedly concur with the TIF idea and support it," park district Assistant Director Don Kappel said of the park district board.
Library board secretary Mary White said the library board also supports the TIF district.
But the TIF district, which would limit the revenue government bodies could receive from the Fashion Corner, is not backed by all local governments.
The Community Unit District 300 school board voted against the TIF district Monday, consistent with the district's position of opposing TIFs because they deprive the district of tax revenue.
"This one was definitely one that was a blighted area at this point, but the board at this time is just not in favor of any TIFs," District 300 Chief Financial Officer Cheryl Crates said.
In a TIF, property tax revenue shared among taxing bodies would be frozen over the 23-year life of the district. As property values increase in the district, the additional tax dollars would go toward redeveloping the district.
West Dundee plans to spend almost $10 million to improve the Fashion Corner's visibility, access and design in hopes of attracting new tenants to the shopping plaza.
Accretion LLC of Oak Brook spent more than $16 million over the past year to buy the Fashion Corner. Accretion would pay more than half of the cost to redevelop the plaza, while TIF funds would cover the rest of the bill.
A public hearing on the TIF district is scheduled for 7æp.m. Aug. 20 at village hall.