Public Hearing On Hickory-Kensington Tif District Proposal Tonight -- Borders Dryden, Us 14, Belmont And Miner
The Village of Arlington Heights is scheduled to hold a public hearing tonight starting at 7:00 p.m. to discuss plans and a timeline for the proposed new tax increment financing district in the Hickory-Kensington area of town.
The meeting will include a summary and description of the plan, a timeline of next steps for the TIF District project, an explanation of how the TIF works, and time for questions and comments from the public.
The proposed TIF District is defined by Dryden Avenue to the east, Northwest Highway to the south, Belmont Avenue to the west, and Miner Street to the north. The area considered for redevelopment is largely light industry and vacant, but many existing businesses would be affected by the re-development.
Redevelopment in recent years has already occurred with the construction of Mariano's at the former Lattoff Chevrolet building property, a Walgreens and new Arlington Crossings townhouses.
Some businesses may have to upgrade or relocate under the proposal. At the time of the plan's approval there were 20 businesses in the core area that would be affected by redevelopment.
Business that have vanished in the conceptual drawing are Heller Lumber and Beverly Lanes. The conceptual drawing also shows dense multi-story housing throughout much of the area.
If a TIF district is approved for the area, property tax disbursements to local governments from the properties in the TIF district would be frozen at current levels. Any revenue growth through the life of the TIF district would go to a special Village of Arlington Heights fund to pay for planning and construction of improvements within the TIF district.
On November 12, 2013 at the Committee-of-the-Whole Meeting Trustee Thomas Glasgow moved, that the Committee-of-the-Whole recommend to the Village Board approval of the execution of a contract with Kane McKenna and Associates, not to exceed $20,500 for Phase Two. Trustee Robin LaBedz seconded the motion. This Phase includes drafting the Redevelopment Plan and to commence the Public Hearing process for considering a TIF District for the Hickory Kensington area. The motion was passed unanimously by the Village Board -- Mayor Thomas W. Hayes, and Trustees Carol J. Blackwood, Joseph C. Farwell, Thomas Glasgow, Bert Rosenberg, John Scaletta, Mike Sidor, Jim Tinaglia, and Robin LaBedz.
The initial proposal for the TIF District was at a Village Board Meeting on December 17, 2012, which was opposed by Scaleta, Blackwood, and Rosenberg; and approved by Glasgow, Hayes, Sidor, Breyer, Farwell, and Mulder (approved 6-3).
Read complete article on Arlingtoncardinal.com ...
http://www.arlingtoncardinal.com/?s=Public+Hearing+On+Hickory-Kensington+Tif+District+Proposal+Tonight+--+Borders+Dryden,+Us+14,+Belmont+And+Miner
TIF, Hickory-Kensington TIF
The meeting will include a summary and description of the plan, a timeline of next steps for the TIF District project, an explanation of how the TIF works, and time for questions and comments from the public.
The proposed TIF District is defined by Dryden Avenue to the east, Northwest Highway to the south, Belmont Avenue to the west, and Miner Street to the north. The area considered for redevelopment is largely light industry and vacant, but many existing businesses would be affected by the re-development.
Redevelopment in recent years has already occurred with the construction of Mariano's at the former Lattoff Chevrolet building property, a Walgreens and new Arlington Crossings townhouses.
Some businesses may have to upgrade or relocate under the proposal. At the time of the plan's approval there were 20 businesses in the core area that would be affected by redevelopment.
Business that have vanished in the conceptual drawing are Heller Lumber and Beverly Lanes. The conceptual drawing also shows dense multi-story housing throughout much of the area.
If a TIF district is approved for the area, property tax disbursements to local governments from the properties in the TIF district would be frozen at current levels. Any revenue growth through the life of the TIF district would go to a special Village of Arlington Heights fund to pay for planning and construction of improvements within the TIF district.
On November 12, 2013 at the Committee-of-the-Whole Meeting Trustee Thomas Glasgow moved, that the Committee-of-the-Whole recommend to the Village Board approval of the execution of a contract with Kane McKenna and Associates, not to exceed $20,500 for Phase Two. Trustee Robin LaBedz seconded the motion. This Phase includes drafting the Redevelopment Plan and to commence the Public Hearing process for considering a TIF District for the Hickory Kensington area. The motion was passed unanimously by the Village Board -- Mayor Thomas W. Hayes, and Trustees Carol J. Blackwood, Joseph C. Farwell, Thomas Glasgow, Bert Rosenberg, John Scaletta, Mike Sidor, Jim Tinaglia, and Robin LaBedz.
The initial proposal for the TIF District was at a Village Board Meeting on December 17, 2012, which was opposed by Scaleta, Blackwood, and Rosenberg; and approved by Glasgow, Hayes, Sidor, Breyer, Farwell, and Mulder (approved 6-3).
Read complete article on Arlingtoncardinal.com ...
http://www.arlingtoncardinal.com/?s=Public+Hearing+On+Hickory-Kensington+Tif+District+Proposal+Tonight+--+Borders+Dryden,+Us+14,+Belmont+And+Miner
TIF, Hickory-Kensington TIF