W. Dundee postpones TIF district designation

West Dundee trustees Monday night postponed designating the Spring Hill Fashion Corner and 10 adjacent properties as a special taxing area until next year.

Village Community Development Director Cathleen Tymoszenko said the village could capitalize on the entire duration of the proposed tax increment financing district if it waited until January.

"This will allow the village a full year of increment capture, a full 23-year period," said Tymoszenko, who requested the village hold off until the first meeting in January.

Trustees unanimously tabled designating Spring Hill Gateway -- as Spring Hill Fashion Corner was renamed after its $16 million sale to Oak Brook-based Accretion LLC -- a TIF district.

A TIF district allows the village to collect future property tax increases to redevelop the area that would normally go to school, park and library districts.

Property tax revenue now shared among the taxing bodies is frozen at current levels. As property values rise in the district, the tax revenue above the frozen level would go toward infrastructure improvements, land acquisition and the reimbursement of some developer costs.

The district expires after 23 years, or when all improvements are paid off and projects completed, whichever comes first.

Although the area was not designated a TIF district Monday night, trustees approved a resolution allowing site improvement construction to continue at the plaza.

Major structural work was halted earlier this month, but trustees approved a resolution allowing construction to resume while details of tax incentive plan are finalized.

Accretion has already begun installing surface bricks and new signage is expected next month.