Two downtown redevelopment projects — one bringing more parking — have been approved by Dundee officials.
Trustees on Monday, June 5, approved a $312,308 contract with Gilberts-based Copenhaver Construction for creation of a parking lot at the mixed-use development under construction at 311 Barrington Ave.
The project will include water main and storm sewer improvements, as well as 80 parking spaces. Some spots will be designated for the one- and two-bedroom loft apartments on the building’s second floor, while the rest will be public parking.
Joe Heinz, from engineering firm Gerald L. Heinz & Associates, Inc., said the lot is designed to have 64 standard spots and three handicap spots behind, or north, of the building. There also will be 11 standard and two handicap slots along Barrington Avenue in front of the building.
Tracy Burnidge, leasing agent and consultant for the parcel, said half of the loft apartments, which are expected to be ready in mid-July, are already leased.
First-floor retail spaces are expected to house a variety of restaurants. Crust Pizzeria and Sports Bar has signed on and its 5,000-square-foot space plans to open by late summer.
East Dundee trustees also approved a redevelopment agreement with Joe Billitteri of Lake in the Hills-based Premier Commercial Realty, which will allow him to receive some financial assistance from the village to purchase and convert the former medical building at 201 Penny Ave. into eight two-bedroom apartments. Each would be about 930 square feet.
Billitteri said the project, into which he is investing about $1 million, is not feasible without tax incentives from the village.
East Dundee is creating a new special taxing district for the site that would include 210 Penny Ave., the strip mall across the street. Billitteri could then recapture up to 25 percent of the tax increment financing-eligible expenses, capped at $250,000.
The redevelopment agreement with Billitteri is contingent on that TIF creation, said Village Administrator Jennifer Johnsen.
A TIF freezes property taxes for up to 23 years at the level paid before development. The monies generated by the difference between the property tax bill before development and after development — the increment — can then be used for improvements to the land.
The new Penny Avenue TIF District also would include the roadways in between the two parcels which Johnsen said need some improvements.
During a joint review board meeting Monday, representatives from other taxing bodies, including the Fox River Valley Library District and School District 300, asked that they be fairly compensated with the TIF district cutting into monies they’d normally receive, Johnsen said.
“The school district does have the ability to recapture some of the funds if it creates an impact on the school district,” she said. “So they’ve asked us to table this item for 30 days so we can develop an intergovernmental agreement between the two entities.”
Erin Sauder is a freelance reporter for The Courier-News.
