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.
Site work is underway near Liberty Street and Hough Street in Barrington on a mixed-use development that will include car condos.
Steve Zalusky/szalusky@dailyherald.com
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.
For Barrington, it was the culmination of a five-month process, but the wait for development of the triangle has been even longer.
“You’ve done a lot of work to get to this point,” attorney Jim Ferolo, who has been working with the board on the TIF, told trustees Monday.
That process has included getting buy-in from the affected underlying taxing bodies.
The new district has a proposed budget of $26 million, about $13.4 million for site preparation and property assembly and $13.4 million for public works improvements.
Barrington resident Joe Taylor III of Compasspoint Development is developing the site at 200-300 N. Hough St. with 125 apartment units, approximately 13,000-square-feet of restaurant and retail space and the MotorCave Auto Suites, a space for car enthusiasts to keep and display their vehicles.
The project is already underway, and the project architect reports the car condos are nearly sold out.