Schaumburg holding hearing on new TIF district to support redevelopment near Wintrust Field
Schaumburg is holding a hearing at 7 p.m. Tuesday about plans to create a Tax Increment Financing District to assist redevelopment of residential properties into industrial land.
The property currently holds 19 unincorporated homes and is wedged between Wintrust Field and Experior Logistic’s new trucking headquarters on the village’s southwest side.
Chicago-based Logistics Property Company LLC wants to build two spec industrial buildings totaling 436,500 square feet where the homes on Long Avenue currently sit.
The company has all the homes under contract to purchase, with a closing expected early next year.
The village is planning to annex the residential area and designate it as a TIF district, the village’s fourth. By doing so, other taxing bodies like school districts, park districts and townships would lose out on property tax revenue growth for up to 23 years as it’s used to fund public improvements associated with the redevelopment.
The plan was endorsed last month by representatives of Harper College, the Schaumburg Park District, the Schaumburg Township District Library, Schaumburg Township Elementary District 54, the village itself and the panel’s citizen member, Tim Gerhardt.
This TIF district is estimated to generate $111 million in eligible funding over its 23 years. The value of the 70 acres is estimated to rise from today’s $2.8 million to about $53.5 million.
Schaumburg Economic Development Director Matt Frank said Logistics Property Company told the village its project wasn’t feasible without the assistance of the tax incentive.
The 70-acre district would also include the adjacent Wintrust Field baseball stadium and the north parking lot of the Schaumburg Metra station. Frank said those other properties are being included in case any improvement opportunities should arise there over the life span of the TIF district.
The village board could create the TIF district as early as its meeting on Dec. 9.
The hearing is being held at the temporary village hall, 1000 E. Woodfield Road.