Algonquin poised to set revenue high

When it comes to sales tax revenues, Algonquin's bottom line has only gone up.

The "gem of the Fox River Valley," is poised to rake in roughly $7 million in sales tax by the end of this fiscal year, setting a village record.

The lion's share of this money comes from Randall Road businesses.

With the upcoming additions of Toys 'R' Us, Dania furniture and J.C. Penney to the retail-rich corridor, that figure will only go up, possibly to $7.3 million by the end of the next fiscal year, Assistant Village Manager Jeff Mihelich said this week.

All told, the new development has been good for Algonquin, translating into 3,000 new jobs, improvements on Randall Road -- that developers paid for -- and producing nearly two-thirds of its sales-tax revenues, Mihelich said.

"What we say is that Randall Road is our economic engine," he said.

Upscale retailers aren't the only ones credited for Algonquin's rising sales-tax base.

In recent years, the village also has lined up companies selling big ticket and expensive items, including Best Buy, Ethan Allen furniture and Rosen Hyundai of Algonquin, Mihelich said, noting that officials are selective about the types of businesses given the green light to set up shop on Randall Road.

"We have transitioned from a community that really had just neighborhood types of retail … to more regional types of development," Mihelich said.

Moreover, the town's upscale shopping centers draw patrons from all over the area -- from as far away as Rockford -- who help contribute to the village's bottom line, he said.

The sales tax, in turn, helps fund several village projects, such as acquiring open space, Cornish Park improvements and downtown revitalization.

Rising revenue

When it comes to sales tax revenues, Algonquin's bottom line has only gone up.

1999 $1 million

2001 $2 million

2003 $4 million

2005 $5.7 million

2007 $7 million*

2008 $7.3 million*

*= Estimates

Source: Village of Algonquin