Carpentersville hopes special taxing district lure developers

Carpentersville officials are considering a new taxing district to help spur development near Randall and Huntley roads.

Village trustees recently annexed two parcels, totaling 100 acres, along Randall Road north of Huntley Road. The village intends to include both in a tax increment financing district covering approximately 150 acres.

In a TIF district, property tax disbursements to local governments are frozen at current levels. As development increases property values, the extra tax revenue that would have gone to taxing bodies such as schools and parks instead to go a special village fund to pay for improvements within the TIF’s boundaries.

“The most outward benefit (of a TIF district) would be that it promotes meaningful development,” Carpentersville Village Manager Brad Stewart said. “It gives the village a mechanism by which it can provide economic incentives to developers to responsibly develop properties within the TIF.”

He noted that much of the property in the proposed TIF district is within a flood plain and would require special planning for stormwater management.

The village board will conduct a public hearing on the proposed TIF district on Sept. 2. Trustees expect to vote on the proposal at their Sept. 16 meeting, Stewart said. The village also plans to provide the findings of a consultant who recommended a TIF district for the property.

The recently annexed property has drawn attention from some developers, but none have submitted plans, Stewart said. While annexing the land was a necessary step to have it included in the TIF district, it also gives the village more say in what goes on the property.

“Some developers are looking at it, and we wanted to annex so we could work with them,” Village President John Skillman said.

Stewart said the village envisions a mixed-use development with commercial fronting Randall Road. Other uses for the property could include residential or light industrial, Stewart said.

Of the 100 acres annexed, roughly 90 acres are on the west side of Randall Road, just north of Huntley Road. The remaining 10 acres are on the east side of Randall, south of Grandview Drive.

Property north of the shuttered Dominick’s store on Randall Road also will be included in the proposed TIF district. A developer has suggested a townhouse development on the 30-acre parcel, Stewart said.

Stewart added that formal plans are yet to be submitted. He said the developer is awaiting action on the special financing district.