Photo from Village of Barrington September 9th Facebook post.
By Steve Zalusky | Daily Herald
Barrington brought its new Tax Increment Financing District to the finish line Monday.
The village board approved the new TIF for the 10-acre “Golden Triangle” bounded by the Union Pacific and Canadian National Railway tracks, Hough Street and Liberty Street.
The board passed three ordinances related to the Liberty and Hough TIF, which will benefit a mixed-use development on the long dormant site.
The first approves the redevelopment project and plan. It adopts the findings by TIF consultant SB Friedman Development Advisors, LLC, especially the one maintaining the area has not developed through private investment and could not grow if not for the TIF.
The second ordinance designates the area and includes all the maps, legal descriptions and property identification numbers.
Finally, the third ordinance adopts TIF financing. A base equalized assessed value will be calculated, with taxes generated on value above that base deposited into a TIF fund to fund on-site infrastructure improvements.
Read more here.
Related: “Barrington moves closer to TIF for ‘Golden Triangle’,” “MotorCave Suites: For-sale personal auto museum showrooms and entertainment Spaces for Chicago area collectors” “Barrington village manager gets 12.5% pay hike,” “Barrington-area leaders tout growth at annual economic summit,” “Barrington pins high hopes on Golden Triangle development,” “Luxury apartments, restaurants. What Barrington might do with its ‘Golden Triangle’,” “Apartments, storage for high-end cars proposed for downtown Barrington”
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