District 300’s Board of Education has rejected a request from a Texas developer for property tax rebates on vacant land in Hoffman Estates that would be used for a shopping center, but school board members said they would consider a scaled-down package of incentives.
The Iatarola family has owned and been attempting to develop land at the intersection of Illinois Highways 72 and 59 since 1959, said John Maggiore, director of development for Archon, a Dallas area developer.
Archon has proposed building a $60 million shopping center on 41 acres there.
Monday night the school board rejected the Archon request for the village to return 30 percent of property taxes to the developer over 15 years. The company said the district still would get $1.5 million annually starting in 2007 from increased property value.
“There is some potential for compromise,” board member Richard Traub said. “We’re in a poker game.”
