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Village officials are considering annexing 40 acres owned by Community Unit School District 300 to build two new schools.

Voters will be asked March 15 to approve a property tax increase for construction of a elementary and middle school west of Sleepy Hollow Road, just south of County Line Road.

If the initiative passes, the tax rate would rise to $3.56 cents for each $100 of equalized assessed valuation. The new rate would provide extra classrooms and teachers for the overcrowded district. Enrollment is 12,701 and is expected to hit 15,000 by 2001.

Under the draft annexation agreement, which has yet to be reviewed by the village’s committees, the village would waive water and sewer tap-on fees.

In addition, the district would give the village some right of way along Sleepy Hollow and a half-acre for a well site, said Scott Nemanich, an attorney for District 300.

Resident Thomas Schober, Algonquin Township supervisor and a former village trustee, told board members at a public hearing Tuesday that, though he did not oppose the proposed annexation, he had “serious concerns” about the proposed agreement.

Among them, he said, are the waived tap-on fees, certain language in the agreement, and provisions preventing the local building inspector from inspecting the proposed schools.