Blighted area in Carpentersville might get help
One of the most rundown, dilapidated areas in all of Carpentersville qualifies for designation as a special taxing district, a move officials say would generate funds for necessary improvements and help spur development.
Carpentersville officials are considering whether to turn an eastern portion of the village into a tax increment finance (TIF) district. Tuesday night, the board set the required hearing for 7 p.m. April 17 at village hall.
In a TIF district, the property's assessed value is frozen for up to 23 years. Money generated from increases in assessed value is reserved for improvements within the district.
The area up for consideration is roughly bounded by Lake Marian Road to the north, Northlake Parkway to the south, Route 25 to the east and Meadowdale Drive to the west.
“We need development in that area and we think that this is going to work to our advantage,” Village President Ed Ritter said. “We really think we're going to get some community development there in the Meadowdale area and that'll really help us out a lot.”
That section includes 156 acres and would be the biggest TIF in the village, as far as size goes.
Of the 156 acres, 67 have structures, 59 are vacant and 30 are comprised of roadways. The Besinger family is the largest property owner within the proposed district.
A private study, completed by SB Friedman Development Advisors, has concluded the area is eligible for the special designation because parts of it are blighted and near deterioration.
Other parts of the area have had a lack of growth in equalized assessed value, a lack of community planning and hold structures that are below minimum village code standards.
“You hate to say it, but it has to be rundown property to become TIF eligible and unfortunately, it is,” Assistant Village Manager Steven Jones said.
Money generated from the district could fund stormwater and street improvements, pay for better lighting and create sidewalks.
Officials hope it would also lure new businesses, which would lead to more jobs in the village.
Although TIFs normally last 23 years, the board has the option to end it sooner if it's happy with the results, Jones said.
The board is scheduled to vote on the TIF designation May 1.