Buffalo Grove residents and other community stakeholders had an opportunity to speak on the village’s plan for implementing a tax increment financing district to spark redevelopment on Dundee Road.
At the July 17 Village Board meeting, only two residents stepped forward during the public hearing on the proposed TIF district closest to the intersections at Dundee and Arlington Heights and Old Arlington Heights roads.
One resident expressed disappointment in the current maintenance of the property while the other, a new homeowner, asked what the short-term impact of the TIF would be.
Trustees commented on how the 2023 Buffalo Grove Dundee Road TIF District will only improve the 7 acres and 23 parcels along the Dundee Road corridor that has been plagued with vacant car dealerships for almost two decades.
The board is expected to take a final vote on the TIF at its Aug. 21 meeting.
“I’d like to allay some fears our residents might have because historically Buffalo Grove has not used TIFs until recently — until the Clove,” said Trustee Joanne Johnson of the Town Center redevelopment project now underway at Lake Cook and McHenry roads. “We see how successful that was in luring a developer, and subsequent developers, to blighted properties. It ends up as a positive in the taxpayers’ pockets.”
She explained that as property values increase, the village collects future revenue on property taxes and hopefully, she said, sales tax revenue while surrounding properties see increases in value as the result of the success of a TIF district.
“I think now that the Town Center is redeveloped, this is the No. 1 complaint I get about Buffalo Grove, the Dundee Road corridor in this area,” Johnson said. “This board intends to do something about it. I think the TIF will go a long way in reaching our goal.”
Jeff Dickinson, partner with Chicago-based SB Friedman Development Advisors LLC, hired to examine the TIF district’s potential, explained during the TIF public hearing that 19 of the 23 parcels on Dundee Road east of Arlington Heights Road were determined to be blighted, one of the factors in determining eligibility for the TIF.
The proposed TIF district now includes two shopping centers — each with multiple retail tenants — Buffalo Grove High School and four parcels associated with three former auto dealerships now vacant, along with Bison Park.
Bernadine Almerigi lives just south of the proposed TIF district. A 29-year resident of the village, she said the former car dealership owners have not maintained the properties and fail to cut the grass.
“It has not been a good neighbor to us,” Almerigi said. “If they can’t maintain what they have now, what is the future going to be if they develop it? It feels [like] the village turned a blind eye to this.”
Chris Stilling, deputy village manager, responded to her concerns.
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“We are seeking to do a TIF district for this very reason – to spur redevelopment in a property that otherwise wouldn’t be redeveloped without this level of assistance,” Stilling said. “The property is under contract by a developer for a new redevelopment and we’ll get it all cleaned up, [a] brand new development would occur on that site, that is our goal.”
New homeowner Ashley Kittle asked what the short-term impact will be for nearby residents. Stilling explained that there are no “shovel-ready” projects. Instead, the development review process would further notify nearby residents of future public hearings and information sessions on the property.
Trustee David Weidenfeld said the creation of a TIF district will also benefit surrounding public and private properties.
“This TIF has the potential to also invest in public facilities like the [Buffalo Grove] high school and park district to improve their property without raising anybody’s taxes to do so but out of economics that flow out of whatever developers put into this,” Weidenfeld said.
Trustee Frank Cesario also offered further explanation on the proposed site.
“For a period of 23 years, the incremental value can be redeployed in the site,” Cesario said, explaining that developers will be able to reinvest revenue into the site. “After that time, it’s essentially ours like any other property tax flow.”
On June 20, the village held a joint review board meeting to consider the proposed TIF with representatives from: Cook County, Wheeling Township, the village of Buffalo Grove, the Buffalo Grove Park District, Indian Trails Public Library District, Wheeling School District 21, Township High School District 214 and Harper Community College District 512. Six members were present and, according to village leaders, they voted in favor of the TIF district.
Dickinson explained that the estimated $75 million budget for the redevelopment is established by the TIF Act and includes dollars spent on capital projects, land assembly and site preparation.
Elizabeth Owens-Schiele is a freelancer.