FOX RIVER GROVE – Residents will have an opportunity to give their thoughts on a proposed expansion of the downtown tax increment financing district.
The village has scheduled a meeting Wednesday to gather public comment for a TIF district expansion. The expansion adds about 20 properties to the TIF district, including some parcels close to the river and others south of Route 14, Fox River Grove Village Administrator Derek Soderholm said. In a news release, the village said by having the TIF, the village is attempting to accomplish goals of the Fox River Grove Station area planning study and the downtown implementation plan.
Expanding the TIF district is part of a memorandum of understanding with Gart Partners, which wants to carry out a $250 million development in the downtown area that will cover 20 acres.
Soderholm said the hearing is required to expand the TIF district, and no plans from Gart Partners will be presented or discussed. Gart has not yet filed any development applications. Teska Associates is carrying out the TIF study required by state law. Gart Partners is footing the bill, Soderholm said. In TIF districts, municipalities can pay for public improvements and other services needed to prepare the redevelopment area for private investment. Any increase in local real estate can be used to pay for the public costs or other eligible TIF costs, such as incentives. The development area south of Route 14 is bounded by Lincoln and Algonquin roads, but doesn't include the library or Metra station. It also includes an area east of Algonquin Road, where Midwest Construction Products is located. The area north of Route 14 that is part of the project goes from Illinois Avenue to the Fox River. The northern boundary of the development would include Crescent Road, Adams Avenue and Opatrny Drive. Most of the TIF district already is in Gart's development area. The expansion ensures all of Gart's potential project area is in a TIF district. Gart is looking to build a mixed-used development over four phases. The development would include apartments, retail, office and service space, and possibly a marina, a restaurant and lodging. Even if the TIF district is expanded, the village still would need to approve a planned unit development agreement.
The developer will have to present the plans to the Planning and Economic Development Commission and the Zoning Board and Appeals before going in front of the Village Board for ultimate approval.
To attend
What: Fox River Grove TIF District meeting
When: 6 p.m. Wednesday
Where: Village Hall at 305 Illinois St.