Hoffman Estates officials have recommended approval of a village-initiated tax increment financing district to spur commercial growth at the northeast and northwest corners of Higgins and Old Sutton roads.
Hoffman Estates officials are poised to grant an economic incentive Jan. 6 to spur development just west of The Arboretum of South Barrington shopping center, helping the vacant site join the commercial development going on around it.
The village’s planning, building and zoning committee voted 6-1 Monday to recommend approval of a tax increment financing district to pay for sewer and water utilities on the northeast and northwest corners of Higgins and Old Sutton roads.
The proposed TIF district would include a 24-acre parcel and a 16-acre parcel along Higgins Road west of Route 59 as well as adjacent right of way for a total of 64 acres.
Potential developments for the site include a gas station and convenience store along Old Sutton, 100,000 square feet of self storage along the CN Railroad tracks, and a 150,000-square-foot retail center. (Sound familiar?)
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