ESTIMATED $120 MILLION IMPACT FROM PROPOSED TIF |
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The Village of Hoffman Estates has proposed a tax increment financing (TIF) district including a large residential area at the northwest corner of Routes 59 and 72. Current plans call for 1,305 residential units but that number could grow to 1,500. A large portion of this development will fall within Barrington 220’s boundaries, with serious concerns regarding its financial impact on the school district. Tax increment financing is a public financing method used as a subsidy for redevelopment of blighted properties. A TIF district reallocates funds from property taxes to encourage investment within the district. TIFs significantly reduce allocations to taxing bodies like school districts for up to 23 years. Under the Route 59 and 72 TIF district, Barrington 220 would have a substantial reduction in tax revenues over the next 23 years. The projected financial impact on Barrington 220 is significant. With about 310 additional homes and 258 students, there will be an estimated $120 million net impact on Barrington 220 School District over a 23 year period. The average annual impact of about $4-5 million will need to be addressed by an increase in property taxes or reduction in student services. Barrington 220 has significant concerns with the eligibility of a TIF district at this site, as referenced by independent reports by two land use experts and previous Illinois court rulings. Members of the joint review board for the proposed TIF voted 7-1 against approving eligibility for the TIF on March 21. Those voting against the TIF include Barrington 220, District 300, Barrington Area Library, Harper College, Elgin Community College, Barrington Township and the Barrington Hills Park District. Even with the vote against the TIF, the Hoffman Estates Village Board can still approve it with a supermajority. Next, the Village of Hoffman Estates will hold a public hearing on the annexation of the land at the Hoffman Estates village board meeting on April 3. The meeting takes place at Village Hall at 7 p.m. Click here for more information on the proposal, what it means for Barrington 220 residents and how community members can get involved. |
Editor’s note: The “Your Barrington Hills” Riding Club slate is trying to make political hay out of this situation by launching a misdirected petition campaign to compel the Village of Barrington Hills to take “aggressive” action. We hope that our readers are savvy enough to see through this transparent desperate political ploy. As was demonstrated vividly at yesterday’s meeting in Hoffman Estates, Barrington Hills literally does not have a seat at the table in this issue.
Concerned residents should contact their local school districts, park districts, and Hoffman Estates Village officials, as these are the only people who will have a vote on the development and on the TIF. Email addresses for members of the Hoffman Estates Village Board can be found here.
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