Downtown Redevelopment

The Village continues to move forward with development of what is known as the “Downtown Triangle”, at the northeast corner of Route 22 and Milwaukee Avenue. This 12.79 acre vacant parcel of land is part of a larger Tax Increment Financing (TIF) district, designated in 1989. The TIF District provides the opportunity to capture incremental property tax increases over the years, for use in that District, to encourage and permit redevelopment, through the provision of funds for land acquisition, stormwater management improvements and other public amenities. The District has a defined lifespan, and will end in 2013. Many projects have been undertaken in the TIF district since 1989, adding value to the area as a whole.

Currently, the Village is working with a consultant, in an effort to attract a smaller, specialty grocery store to the Downtown Triangle property. As part of a proposed grocery store development in this area, the Village envisions 20-25,000 additional square feet of other commercial uses. Much of the site preparation has been completed, including naturalizing the Indian Creek streambanks, constructing a stormwater detention pond, and compensatory storage pond. The Village also has an agreement for the existing lattice-work cell tower to be removed, and replaced at a location a few hundred feet east, with a new single monopole. This is necessary, in order to provide a more appealing, buildable parcel, while also preserving cellular service in this area. It is anticipated that the new monopole will be erected by early Summer, 2012.

With the improvements constructed and impediments to development removed, the Village is hopeful that development of this last part of the TIF District will occur over the next two years, providing additional property tax revenues to other taxing bodies (such as the Township, County, schools, etc.), and additional sales taxes to the Village.