The industrial park in Carol Stream planned for Schmale Road by a California developer will be the largest in the village, officials say.
The Village Board on Tuesday night adopted five ordinances on 5-0 votes to annex and rezone the property and create a tax increment financing district to pay for public improvements on it.
Although Carol Stream doesn`t levy a real estate tax, the $113 million project, to be completed in about five years, will produce utility taxes for the village. Officials said that because the types of companies that will be in the park aren`t known, it isn`t possible to estimate the utility tax revenue now.
After a period still to be determined for the retirement of $7 million in bonds for the project, school and other taxing bodies will start to receive their shares of property taxes from it. Messenger Investment Co., the developer, is to sell the bonds privately.
The bonds are to be issued under tax increment financing laws to pay for street, drainage and other public improvement work. They will be retired from the tax revenue generated by the project.
It should take about 10 years to pay off the bonds, village officials estimated. A maximum of 23 years is permitted under state TIF laws.
Messenger, a California firm, will build the industrial park on 276 acres of farmland west of Schmale Road. The Village Board rezoned the land Tuesday for industrial use. Another 17 acres of the parcel is for stormwater detention, and this was zoned residential.
The land was termed ”a blighted area” and one that ”would not be reasonably anticipated to be developed without the adoption of the (TIF)
plan,” according to an official.
Village officials have said the project will reduce flood problems, bring more tax revenue and provide for improved streets in the area.
