Shopping center with old Elk Grove Bowl gets its tax boost for redevelopment

Elk Grove Village trustees on Tuesday enacted a sequence of ordinances setting up a new tax increment financing district that features the oldest browsing centre in town and the lengthy-standing bowling alley that shut last thirty day period.

The 25.5-acre specific taxing district, accredited unanimously by the village board, was established up to assistance fund the village’s redevelopment initiatives at the southeast corner of Arlington Heights and Higgins streets. It’s wherever officials are envisioning a mixed-use progress of flats and retail at what is the northern gateway to town.

With the board’s acceptance of 3 ordinances Tuesday night, property taxes compensated to regional governments like educational institutions, the park district and township will be frozen at their current concentrations for 23 a long time, and taxes gathered above those people amounts from inside of the spot will go into a special village fund to pay for redevelopment tasks.

“This is an crucial component, mainly because by obtaining it TIF-suitable, it allocates cash obtainable for us to make public enhancements which we know are essential for that older web site, and it makes it far more appealing for the private sector to want to produce a job that we will all be extremely happy of,” Mayor Craig Johnson said.

“Which is a major step. Now we just gotta get shifting.”

The village plans to deliver out a ask for to developers this summer season for future programs for the Elk Grove Woods Plaza and Elk Grove Bowl internet sites. The municipality paid out $12.7 million for the properties in two separate specials final December, even though announcing designs for a likely 250-device condominium creating of a few to 5 tales on the bowling alley website nearer to Arlington Heights Highway as well as a retail creating along Higgins.

Johnson mentioned he is open up to other thoughts developers could present, but his purpose is to hold all businesses there open. The purchasing heart features Jarosch Bakery, Tensuke Marketplace, Rose Garden Cafe and 7 Mile Cycles.

Elk Grove Bowl concluded its last frame April 30 on the retirement of third-generation owner Debbie Handler, whose family members began the firms 60 yrs ago. Approximately all of the contents of the 40-lane bowling alley have been taken off, and the village is creating preparations to demolish the creating in August.

On Tuesday, the board approved a $86,690 contract with McHenry-based mostly HR Green to deliver engineering, bidding and building oversight for the forthcoming demolition challenge, which will be bid beneath a independent agreement.

The village could pick a developer as quickly as this tumble and have construction start off subsequent year — completed in phases to steer clear of disrupting the working enterprises, Johnson stated.

In addition to the corner procuring center, the new TIF district involves six industrial properties on the north aspect of Higgins from Arlington Heights Street to Gordon Street. It abuts a distinct TIF founded in 2017 in conjunction with the redevelopment of the previous Busse household farm into the Elk Grove Know-how Park.