The Village Board of Trustees has initiated steps to establish an economic redevelopment tool that would facilitate the redevelopment of the former Avon Products property on the northeast corner of Waukegan and Golf roads.
The Board on January 15, 2012 set the stage for setting up a Tax Increment Financing (TIF) District, through which $3.5 million worth of infrastructure improvements can be accomplished. They include:
- a new mid-block traffic signal for ingress and egress for the retail project;
- major modifications to the existing signals at Waukegan and Golf roads and at the Waukegan Road and Overlook Drive intersection;
- dual-left turn lanes for northbound and southbound Waukegan Road traffic at Golf Road; and
- an additional southbound through-lane and new right-turn lane for southbound Waukegan Road traffic at Golf Road.
A TIF is used by communities to spur investment in a blighted area. The Avon distribution center has been vacant since 2010 without any viable prospects for reuse as an industrial facility. Together with a former auto dealership at 3 Waukegan Road that would also be included in the TIF District, the property to be redeveloped totals 21 acres.
The developer, Regency Centers, is proposing to build a Mariano’s grocery store of up to 75,000 square feet with 15,400 square feet of in-line retail; up to a 250-unit, three-story residential apartment building; a drive-through bank; and two other retail buildings.
Through this TIF, property taxes generated by the rising value of the redeveloped property would be diverted from other taxing bodies – such as local schools and the Glenview Park District – to pay for the infrastructure improvements, as well as site demolition, land acquisition, legal, engineering and other project costs. The Village expects the TIF to be retired in either 2021 or 2023, depending on how fast the debt is repaid.
The proposed development project aligns with the Village’s redevelopment goals for the property. It is expected to yield about $500,000 in additional sales tax revenue annually and more than $1.1 million in new property taxes after the TIF expires.
Impacted taxing jurisdictions are scheduled to meet to review the redevelopment plan on February 4, with a report due by February 28.
A public hearing is scheduled at 7:30 p.m. Tuesday, March 19, at Village Hall, 1225 Waukegan Road. The Village Board could consider establishing the TIF at its April 2 and 16 meetings.
Information about the proposed TIF District and the proposed redevelopment plan are available for review during normal business hours at Glenview Village Hall, 1225 Waukegan Road.