Carpentersville holds off on TIF study

The second phase in developing a special taxing district on the east side of Carpentersville is on hold until the village staff and board produces a wish list of developments the village wants to spur in the area.

Trustees on Thursday directed the village staff to establish the types of improvements and cost projections for a proposed tax increment financing district - or TIF district - along Route 25 near the Lake Marian Road intersection. A major area of the TIF includes the Meadowdale Mall.

A TIF district freezes the amount of property tax revenue the local governments get from within the district for up to 23 years. As property values increase within the district, the tax revenues above the frozen level are used to pay for infrastructure improvements within the district.

Village President Ed Ritter supported moving forward.

"It seems like a win-win situation," Ritter said. "If nothing happens with the mall, we don't lose. But if something happens, the mall improves."

But trustees expressed trepidation in moving forward with the next study without an idea of what was needed or desired. The next study is estimated to cost between $17,000 and $25,000.

"I think we are putting the cart before the horse," Trustee Paul Humpfer said. "We need to figure out what needs to be done and then allocate money to it."

The village has said certain public infrastructure improvements such as enhancing the corridor with green medians, parkway trees, landscaping and uniform fencing, as well as street and stormwater improvements, are potential projects for the area.

Frank Scarpelli, property manager for Besinger Properties, which own Meadowdale Mall, said he would consider waiving the $30,000 the village must pay Meadowdale Mall for an easement it needs.

Chicago-based consultant Kane, McKenna and Associates presented the initial study Thursday, which determined the area along Route 25 from L.W. Besinger Drive to Lake Marian Road qualifies as a TIF district.

The area met several criteria including excessive vacancies, inadequate utilities and dilapidation.

"The study suggests this is a tired mall that needs some upgrading," said Phil McKenna, president of Kane, McKenna and Associates. "It resembles a mall of the '50s. - There's room for improvement."

The village board will convene for a special meeting in June to discuss the list of proposals and give further direction.

TIF: Board wants more details on potential development