TIF District Moves Forward At Lake Cook Road In Buffalo Grove

BUFFALO GROVE, IL — Citing a need to stimulate the local economy, the Buffalo Grove Village Board voted in favor of a new tax increment financing district, or TIF. Though a number of residents spoke in opposition to the measure during a part virtual, part live meeting Monday night, it was passed unanimously.

In addition, a resolution to allow Kensington Development to be potentially reimbursed for TIF eligible expenses was also approved. The Oak Brook-based company recently entered into a contract to acquire and redevelop Town Center at a projected cost of more than $100 million. The goal of the project, according to the Village, is to redevelop the approximately 20-acre property at the northwest corner of Lake Cook Road and Route 83 into a new, mixed-use development, to be anchored by retail, restaurants, and multi-family residential.

According to a March feasibility study conducted by SB Friedman Development Advisors, the 330 acres of the Lake Cook Road Redevelopment project are eligible for TIF status due to it being a "blighted area," according to Chris Stilling, community development director for the Village.

$100M Redevelopment: Buffalo Grove Announces Big Plans For Town Center

Last month, a public hearing was virtually held regarding the TIF District.

The resolution with Kensington does not commit the Village to reimburse the company. Instead, it allows for Kensington to seek reimbursement as part of a redevelopment agreement with the Village, which would be considered at a later date, according to the meeting's agenda.

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