Seven taxing bodies would be affected by proposed tax benefits that may be granted to a developer seeking to build in the village, and some of the taxing bodies are hoping the special-benefit situation will end as soon as possible.
The Village Board is studying the establishment of a tax-increment financing district for a retail and commercial development on 62 acres along Dundee Road between Elm Street and Rand Road.
Great Lakes Principals, a real estate company based in Oakbrook Terrace, is proposing to build a 435,000-square-foot retail center, which would include a Jewel Food Store and Target, on 40 acres of the proposed TIF property.
If the TIF district is approved, the village would issue bonds to pay for improvements on the flood-prone site, such as retention ponds and upgraded storm sewers. The expected higher property taxes that would come from the property, once developed, would be used to pay off the bonds over a time period yet to be determined.
On Wednesday night, representatives of some of the taxing bodies that would be affected asked that the village consider repaying the bonds as soon as possible so the taxing bodies can start receiving the new tax revenues.
Village manager Michael Kadlecik, who also is chairman of the Joint Review Board, said the village would investigate the possibility of paying the bonds back early or giving a surplus of funds to the various taxing bodies if the development proves overwhelmingly successful.
A public hearing on the proposed plan will be held July 10.