With the Barrington Village Board’s passage of a tax-increment finance district for downtown, staff can now take steps toward developing the property, officials say.
The district is bordered by the Elgin, Joliet & Eastern Railroad tracks to the northwest, Main and Lake Streets to the south and Northwest Highway to the east.
A triangular piece of property bordered by Hough Street, Elgin Joliet & Eastern tracks and the Union Pacific Railroad tracks get priority.
GK Development Inc. of Barrington decided not to enter into a partnership with the village to develop the 14-acre site, said Peg Blanchard, village economic development director.
The board approved the TIF district Monday and will recruit firms to develop the property, Blanchard said. Officials want a village green surrounded by retail, office and residential properties.
Under the TIF, some property taxes are set aside for making improvements in the area. Such tax districts have a 23-year life span under Illinois law.
The village expects to receive $16.5 million in tax revenue over the life of the TIF district.
