Joint Review Board in South Barrington Backs Higgins Corridor Redevelopment Plan (South Barrington, IL) – The South Barrington TIF Joint Review Board has recommended approval of a proposed tax increment financing district intended to support the redevelopment plan, Higgins Road Corridor Redevelopment Project Area, including the former Allstate property and neighboring office sites.
The board met Aug. 24 to review the Village of South Barrington’s proposed Higgins Corridor Redevelopment Project Area redevelopment plan, eligibility report, supporting planning documents and proposed ordinances.
Representatives from local taxing districts that levy property taxes within the proposed redevelopment area, along with a village representative and a public member, make up the Joint Review Board.
Following its review, the board determined that the proposed redevelopment area meets eligibility requirements under the Illinois Tax Increment Allocation Redevelopment Act and recommended the use of tax increment financing to support revitalization efforts.
The proposed district includes the former Allstate property and surrounding office properties along the Higgins Road corridor.
“This decision is welcome news,” South Barrington Mayor Paula McCombie said. “The area in question has not experienced sufficient private investment and absent this proposed redevelopment plan and project, the property would likely continue to deteriorate.”
McCombie said the proposed TIF district could help provide infrastructure, utilities, planning and other improvements needed to encourage productive reuse of the former Allstate site. The plan is also intended to strengthen nearby commercial properties, attract private investment and preserve and expand the tax base for the village and overlapping taxing districts.
The mayor emphasized that the Joint Review Board’s recommendation is not the final step in establishing the TIF district.
“The Joint Review Board’s recommendation is an important step in the process, but it does not constitute final approval of the proposed TIF district,” McCombie said. “The Village will next conduct the required public hearing, receive additional public input, and consider whether to approve the redevelopment plan. We welcome area residents to attend these public meetings. We have and will continue to deliver on our commitment to transparency.”
The village is expected to move forward with the required public hearing and additional opportunities for public comment before the South Barrington Village Board considers final approval of the redevelopment plan and proposed Higgins Corridor TIF district.
Joint Review Board in South Barrington Backs Higgins Corridor Redevelopment Plan
