Carpentersville keeping mum on prospects for development
Officials in Carpentersville are keeping details about several economic development opportunities for the village close to their chests.
And for good reason. Janice Murphy explained contracts have not been signed and officials would hate to jinx themselves letting details out prematurely.
But there is talk of a national restaurant chain possibly moving in to take over space on Route 31 vacated when Rosati's Pizza left town a couple of years ago. It won't be TGI Fridays, which closed shop last year.
Speaking of TGI Fridays, that spot along Route 31 is a prime location for a restaurant to thrive.
Fridays seemed to be doing well, but the opening of a newer restaurant just up the road in Algonquin squashed the joint's chance of survival.
And, last year, corporate representatives indicated that there was no intention of renovating the building in the style of its newer restaurants.
The most anticipated project in the village for the past year or more has been the opening of the Village Fresh Market on the corner of Route 25 and Lake Marian Road on the village's east side.
Dates for the grocery store's opening have been bandied about. There was talk of it opening last summer, then around Thanksgiving, all of which came and went. But it sounds like March could be the month. No firm date, though.
The sign that reads "For Lease" is not a sign of the business's failure to launch. The sign is meant for space that's still available within the building since the Fresh Market will not occupy the entire square footage of the building.
Owned by Gus Tzotzolis, a 20-year veteran of the grocery industry and owner of Elgin's Fresh Market and Elgin Fruit Market
Other areas of development around the village include several areas that are tapped to become special taxing districts.
The village is in the middle of conducting a tax increment financing feasibility study to determine if the Illinois 25 corridor, including the Meadowdale Shopping Center, and a section of Illinois 31, meet the criteria to become a TIF district.
The idea of the special taxing district is to help the village redevelop the area with site improvements and enhancements.
In a TIF district, property tax levels are frozen for a period of up to 23 years.
The designation freezes the amount of property tax revenue local governments get from the properties within the district. As property values rise within the district, the tax revenues above the frozen level are used to pay for infrastructure improvements within the district.
As the area redevelops, the tax revenues above the frozen level, called the increment, could also offset the costs of private developers.
Chicago-based financial consulting firm Kane McKenna and Associates is conducting the study, expected to cost more than $15,000. It should be completed by March.
bull; Larissa Chinwah covers Carpentersville, East Dundee and West Dundee. To reach her, call (847) 931-5722, or e-mail lchinwah@dailyherald.com.