Arlington Heights trustees give OK to spend $170K in TIF cash at languishing Southpoint mall – Chicago Tribune
The Arlington Heights Village Board not too long ago gave the inexperienced gentle to utilizing cash from a tax increment financing district for storm water administration at a neighborhood purchasing middle.
Trusteed voted 6-0 on the Sept. 6 board assembly to approve an allowance of $170,000 in TIF funds for storm water administration at Southpoint Purchasing Mall — which is situated inside a TIF district.
Mayor Tom Hayes and trustees John Scaletta and Richard Baldino had been absent from the assembly.
Brian Costin, deputy state director of Individuals for Prosperity Illinois, objected to the measure claiming it put cash within the pockets of rich firms that may afford to make the enhancements with out the assist of TIF funds.
Costin and AFP have additionally led opposition to creation of a TIF district to redevelop the previous Arlington Park racetrack.
“The TIF district on Rand Highway at Southpoint Purchasing Heart, it’s had dire struggles and challenges and it’s been one in all our drawback purchasing facilities,” stated Charles Witherington-Perkins, director of planning and neighborhood improvement.
He defined the brand new developer of the location is investing $5.6 million within the retail mission and has attracted Chipotle and AT&T as tenants. Perkins stated employees examined the infrastructure wants and detention enhancements behind the purchasing middle and agreed $170,000 might be used from the village’s $3 million TIF fund to assist the mission.
“This TIF district expires in 2028 and we solely have a number of years to show round this purchasing plaza,” Perkins added.
Trustee Jim Bertucci stated his workplace is immediately throughout the road from the failing purchasing plaza and he usually has individuals inquiring about redevelopment and asking about enterprise incentives.
“It’s troublesome for lots of parents to get their arms round a TIF and the way it works,” stated Trustee Jim Tinaglia, referencing the transformation of downtown Arlington Heights after it turned a TIF district. “Our companies should succeed for our residents to really feel much less ache when the tax invoice comes up. When we’ve got alternatives like this, it behooves us to get on board with this. It is a affordable incentive to deal with storm water administration.”
Elizabeth Owens-Schiele is a freelancer.