Village Board to address TIF, Town Center redevelopment Monday
The Village Board Monday will address two key issues that will impact economic development in the village -- adoption of a Tax Increment Financing (TIF) district and the future of the Town Center shopping plaza.
|Town Center was built in 1988 |
The emphasis on Town Center, long the retail albatross of the village, has come into sharp focus as it has been sold and is slated for a massive $100 million redevelopment.
|A rendering show a redeveloped Town Center.|
While no time frame has been specifically identified, sources close to the situation indicate that work could begin as early as next summer.
The proposed project would implement the vision which was established through the village’s 2018 Lake Cook Corridor plan. The plan prioritizes the redevelopment of Town Center in Stage 1, due to its design and layout not being favorable for today’s commercial tenants. Town Center was built in 1988 and has 130,000 square feet of retail space.
Kensington representatives have stated the firm was attracted to Town Center due to a variety of reasons, including its location in a strong community, the plan’s bold vision, and the village’s willingness to consider economic development tools such as a Tax Increment Financing (TIF) district in the corridor.
“We have been working toward developing a mixed-use project in Buffalo Grove for some time. The Village’s commitment to implementing a shared vision, as well as its proactive approach to consider a TIF district were instrumental in our team moving forward with our proposal,” John Schoditsch, principal at Kensington said in the press release.
According to its website, Kensington “…acquires, develops and redevelops retail and mixed-use projects throughout the United States.” Among its current projects are the redevelopment of the southeast corner of Dempster Street and Waukegan Road in Morton Grove. Called “Sawmill Station,” the 310,000 square foot development will include a Kohl’s department store, an L.A. Fitness Club, A Cooper’s Hawk restaurant and 240 residential units.
Monday’s meeting, which starts at 7:30 p.m., includes three resolutions on the agenda to approve, designate and adopt a TIF district along the Lake-Cook Road corridor.
If the TIF is approved, the Board will also consider an inducement resolution with Kensington Development Partners. This resolution would allow the firm to be reimbursed for TIF-eligible expenses, should a project and redevelopment agreement be approved by the Board at a later date.
In early 2020, the Village engaged the services of SB Freidman to prepare a TIF district Eligibility Study to determine if a TIF could be utilized as an economic development tool for implementation of the Lake Cook Corridor plan. The study concluded the area does meet all the necessary requirements to be eligible for a TIF district.
“The Village is committed to improving quality of life for its diverse residents through the redevelopment of sites like Town Center. said Village Manager Dane Bragg. “Our in-depth study of the Lake Cook Corridor found that the market supports new retail, office and residential developments. The Lake Cook Corridor plan, combined with tax increment financing, lays the foundation for exciting new projects to occur which would have been otherwise unattainable.”
Bragg added that many of the key sites identified in Stage 1 face several challenges and would not likely be redeveloped if not for a TIF district.
If the TIF is approved, the Board will also consider an inducement resolution with Kensington. This resolution would allow the firm to be reimbursed for TIF-eligible expenses, should a project and redevelopment agreement be approved by the Board at a later date. This project is still in its early planning phases. More information and details will be forthcoming.
While limited in-person seating will be available for Monday’s meeting, it will also be available online at this Zoom link.
The in-person meeting will be held in the Braiman Council Chambers at Village Hall, 50 Raupp Blvd.
Police Department resumes car seat installation assistance
After being on hiatus due to the COVID-19 pandemic, the Police Department’s car seat assistance program has resumed.
The police department has certified car seat technicians who can assist residents with installation of infant and child car seats.
Due to COVID-19 concerns, officers will not be able to perform the actual installation but will provide guidance to ensure proper installation.
Police request only one person attend per appointment. Visit this link this link to register.
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