The same team of developers who backed out of a plan to convert the Lake County Fairgrounds into an upscale shopping mall and residential development is back at the bargaining table.
Seymour Taxman of Taxman Corp. of Skokie and John Thomas of Newport Builders Inc. of Niles have offered $26.5 million to purchase the 112-acre fairgrounds in Grayslake from the Lake County Fair Association.
The estimated 300 members of the non-profit group that owns the property are scheduled to vote on the proposal June 12, according to association officials.
If it is approved, officials would need to find a new home for the fairgrounds, located for the last 50 years at the northwest corner of U.S. Highway 45 and Illinois Highway 120.
“We’ll start pursuing whatever we need to do,” said Fremont Township Supervisor Peter Tekampe, the fair association’s treasurer.
Taxman and Thomas recently formed a new company, Grayslake Farms LLC, as part of their renewed effort to acquire the fairgrounds. They declined to comment on the proposed purchase.
Money from the sale could be used to help the fair association pursue its oft-stated goal of building a new fair and exposition facility for customers, including people who attend the annual Lake County Fair.
Last fall, Taxman and Thomas approached fair officials with a proposal to swap a 159-acre property known as the Titus Farm, located just south of the fairgrounds, for the fairgrounds.
The developers envisioned building a regional shopping mall with high-end stores and entertainment businesses, along with 250 to 300 townhouses, officials said.
In response, the Lake County Board and the Village of Grayslake each approved a sewer agreement to help pave the way for new development.
The land swap ultimately collapsed, however, pleasing many Grayslake residents who feared that the project would create more traffic jams in the area.
“I know a lot of people would like to see the fair remain there,” County Board member Sandy Cole (R-Grayslake), whose district includes the fairgrounds, said Thursday.
Grayslake Mayor Tim Perry reiterated his support this week for an upscale retail development on the property, citing projections showing that the development would generate $10 million annually in new tax revenue.
Grayslake, a village of about 22,000 residents, collects about $2.1 million annually in retail sales taxes for the village’s $14 million operating budget.
Perry said a regional mall could be a lucrative source of revenue for a village that has been looking for property-tax-free ways to pay for the needs of its growing community.
“At some point we do need to find and shore up some additional revenues for the immediate and long term to provide the same service without going to our residents,” the mayor said. “So this development could solve a lot of problems for a long time to come for residents in Grayslake.”
Perry also said he expected the developer would be willing to make any necessary road improvements to handle increased traffic associated with the shopping mall.
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