Barrington moves closer to TIF for ‘Golden Triangle’
Barrington’s proposed tax increment financing district for the long dormant Golden Triangle qualifies as a blighted area, a consultant told the village board this week.
Meanwhile, work is well underway on the development at 200-300 N. Hough St. that would benefit from TIF funding.
The village board is expected to consider the Liberty and Hough TIF District at its Sept. 23 meeting.
Geoff Dickinson, a partner with SB Friedman Development Advisors, LLC, an economic development consulting firm used by several suburban communities, told the village board at Monday’s hearing that the proposed Liberty and Hough TIF District would qualify as a blighted area.
Redevelopment of the 10-acre “Golden Triangle” area has been a priority of the village for more than 20 years. The cost of consolidating property and environmental cleanup requirements have stalled redevelopment.
Now, however, Barrington resident Joe Taylor III of Compasspoint Development is developing the site with 125 apartment units, approximately 13,000-square-feet of restaurant and retail and the MotorCave Auto Suites, a space for car enthusiasts to keep and display their vehicles.
Construction is already underway, and OKW Architects, the project architect reports the car condos are nearly sold out.
The TIF would generate funds to help with costs associated with the development. A TIF district is an economic development tool that freezes property taxes within the district's boundaries at current levels, usually for 23 years. During that time, new property tax revenue created through new development is diverted from local governments and placed in a special village account to help pay for improvements within the district.
An area can be TIF eligible if it meets the criteria for either a blighted area or a conservation area.
Dickinson said growth in the assessed value of the 10-acre triangle site, bounded by Liberty Street, Hough Street and the Union Pacific and Canadian National Railway tracks, has declined. He said it has lagged behind growth in the village.
“Essentially, the property tax burden is being shifted to the rest of the district,” he said. “It's a pretty good indication that intervention is a warranted idea.”
He said buildings in the area have deteriorated, with some having already been taken down.
He also said there are inadequate utilities.
“There is really no stormwater management within the district,” he said.
The project has a proposed budget of $26 million, about $13.4 million for site preparation and property assembly and $13.4 million for public works improvements.