Hoffman Estates to consider tax break for 184-acre development
Hoffman Estates officials are still moving through the preliminary stages of their review of a 184-acre residential and retail development at the northwest corner of routes 59 and 72, as well as its proposed tax incentive -- but not all of them are sold on it.
The developer, 5a7 LLC, is seeking a tax-increment financing district, or TIF, as a mechanism to provide about $21 million in property tax reimbursements over 23 years to overcome the financial challenges of making the site construction-ready.
"I don't favor residential TIFs and I won't be supporting this," Mayor Bill McLeod said at Monday's meeting of the village board.
McLeod and Trustee Anna Newell were the dissenters in the village board's 5-2 vote to set a public hearing for the project and an initial meeting of the joint review board of the other taxing bodies that would be affected by a TIF.
These local governments include Community Unit District 300, Barrington Unit District 220, Harper College, Elgin Community College, the Hoffman Estates Park District, Barrington Hills Park District and Barrington Area Public Library, among others.
The TIF joint review board meeting is set for 1:30 p.m. Tuesday, Feb. 21, while the public hearing for the proposed development will be at 6:50 p.m. Monday, April 3 -- both at Hoffman Estates village hall, 1900 Hassell Road.
The Plum Farms project is planned to include owner-occupied single-family homes, townhouses and coach houses on 144 acres, with an 11-acre site to consist of seven luxury apartment buildings totaling 240 units plus 13 rental row house or townhouse units.
The commercial area at the corner of 59 and 72 would be 24 acres and include a 125,000- to 195,000-square-foot retail center and some small office buildings.
The developer claims the requested tax incentive is necessary for the project to move forward due to the wetlands, flood plains, buried construction debris and natural gas pipeline that would need to be removed or relocated.