Hoffman Estates development could get tax incentives
Hoffman Estates officials voted 4-2 Monday to move forward with preparations for a possible tax incentive for a largely residential development on 185 acres at the northwest corner of routes 59 and 72 that also would include some businesses near the intersection itself.
The next step for the proposed Plum Farms development is for the village to hire a consultant to represent it while a possible tax-increment finance district for the site is researched.
Hoffman Estates resident Anthony Iatarola, representing the development partnership of Golden Goose Enterprises LLC, said that if not for the $21 million in property tax reimbursement he's seeking over 23 years, it would not be financially viable to develop the vacant site.
Among the challenges it faces are wetlands, flood plains, buried construction debris and a natural gas pipeline that would need to be removed or relocated, he said.
But Mayor Bill McLeod joined Trustee Anna Newell in voting against moving forward with plans for a TIF district.
He said he's not comfortable with the village pursuing such a tax incentive for a residential development for the first time, and didn't accept that the developer couldn't overcome the site's challenges without it.
But other village board members were more accepting of Iatarola's argument.
"If the site were easily developed, it would have been developed already," Trustee Karen Mills said.
Trustee Gary Pilafas agreed.
"I think it's one of the most exciting developments I've seen come to the village for a while," Pilafas said. "I don't find myself afraid or even very concerned about the residential TIF (district)."
The project would include owner-occupied single-family homes, town houses and coach houses on 145 acres, with an 11.5-acre site to be made up of seven luxury apartment buildings totaling 240 units and 13 rental row house or town house units.
The commercial area at the corner would be 24 acres and include a 175,000- to 200,000-square-foot retail center and some small office buildings.
The 145 acres specified for single-family homes were once in Barrington Hills but disconnected through a lawsuit filed a dozen years ago.