Buffalo Grove sets public hearing on Lake-Cook Road TIF
Buffalo Grove will hold a public hearing Monday to discuss a proposed tax increment financing district along Lake-Cook Road.
The hearing can be accessed online on the village's website at 7:30 p.m.
The hearing will feature a presentation of the feasibility report completed by village consultant SB Friedman.
The village has a minimum of 14 days after the public hearing closes to consider the final TIF ordinances.
On May 21, the Joint Review Board, consisting of the affected taxing bodies, unanimously recommended approval of the TIF district to the village board.
The assessed value of the properties within a TIF district are frozen. Property taxes generated from an increase in the assessed value above that baseline assessed value is placed in a fund used for projects within the district.
The TIF study area is generally bounded on the west by Arlington Heights Road, on the south by Lake-Cook Road, on the east by McHenry Road and on the north by Checker Drive.
It includes most of the properties that were evaluated as part of the 2018 Lake Cook Corridor Study, among them two crucial sites: Town Center and Chase Plaza.
Deputy Village Manager Christopher Stilling said the TIF will have a budget of up to $96 million that will consist of the "incremental" revenues over the 23-year life of the TIF.
"The budget is really meant to establish a ceiling of what you can spend," he said.
The village views the TIF as a crucial step toward redeveloping some troubled sites.
"We're very hopeful," Stilling said. "We think that by the village taking a proactive step in considering a TIF, and if the village board were to approve the TIF, that it sends a message to the development community that we have established a program to help facilitate the redevelopment and reinvestment within the Lake-Cook Corridor area."
Without the TIF, these properties may not be pursued because of extraordinary costs.
"There might be demolition costs or environmental costs or land acquisition costs," he said.
Stilling said the first stage of the plan for the corridor focuses on the Town Center and Chase Plaza.
"The community has been very clear in wanting to see a reinvestment and redevelopment of Town Center and we do, too. Our priority is to try and facilitate a project there, and we're hopeful that one will be presented soon."
As for any potential project, he said, "I can't say anything right now, but you know we do continue to receive and talk with various folks on various projects throughout the corridor. But we are hopeful that something will proceed there very soon."