Lake Villa learns how it can attract new businesses

The village of Lake Villa has the potential to attract new businesses if it takes at least three steps, consultants say.

It needs to make physical improvements in the downtown business district, develop relationships with potential retailers and create financial incentive packages to attract new retailers.

The suggestions come at the conclusion of a 16-month, $35,000 study by Teska Associates and Business Districts Inc. The Evanston-based firms presented their findings to village officials Wednesday night.

Consultant Scott Goldstein admitted the current economy makes it extremely difficult for Lake Villa and most other towns to attract new shops. But, he said, the village is in a good position to attract smaller businesses that could fill some empty storefronts in the coming year.

"We don't envision a major project with new buildings, but there are a number of existing spaces that could more likely be filled," Goldstein said Thursday.

The study suggested a multi-point strategy. The village needs to emphasize it's history, be open to filling existing vacancies downtown and attracting new business elsewhere, look to increase new home developments and become shovel-ready before the deals are made.

Goldstein said officials should begin conversations with potential retailers sooner than later. He also suggested creating special sales tax areas and a tax increment finance district, among other financial packages. A marketing program would help as well.

Mayor Frank Loffredo said the board will act on the recommendations in the coming months, but it was too early to say which ideas would take priority.

Loffredo said he's feeling positive about the future despite the economic downturn.

"With the number of failures in terms of the proposed super-centers in Antioch, Lindenhurst and Grayslake, we stand to attract some of the smaller businesses that may have been part of the big projects," he said Thursday. "We are also the traffic hub between all of those towns. A lot of people pass through our town on they way to the big box centers."