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Campton Hills took its latest step in moving the LaFox of Campton Hills development forward, with the village board voting unanimously to establish a Tax Increment Financing (TIF) district that will help fund the 900-unit Shodeen Group project on nearly 1,000 acres along LaFox Road.
A public hearing on the TIF was held on April 7.
Here's what to know:
Beyond the TIF: Although the TIF was approved, the redevelopment agreement is still being negotiated. This is the contract that determines how TIF money gets spent, including developer reimbursements and payments to local school and township taxing bodies.
The developer is already spending: The developer told the board he's been paying the landowner in 30-day contract extensions just to stay in the deal — in addition to village, consulting, and engineering costs. If no TIF and no bond financing materialize, he said, those engineering plans become "real expensive wallpaper."
Grand Prairie will handle wastewater: The developer switched sanitary district partners after Mill Creek Water Reclamation District's costs grew from $37 million to over $42 million. Grand Prairie Sanitary District comes in at about $33 million and will serve the development with a new on-site treatment plant.
Some officials cited proposed new state legislation, which would allow the state to override local zoning for density near transit stations, as a reason not to delay. The LaFox Metra station is located near the development area.
Watch the full Village Board meeting recording.
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