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Cambridge Commons Construction to Begin Soon

An economic incentive agreement details how sales tax will be divided between Buffalo Grove and the developer.

The redevelopment of Cambridge Commons is drawing nearer, after Buffalo Grove officials approved an economic incentive agreement Monday that details how sales tax revenue will be allocated.

“We would anticipate some construction taking place in the coming weeks,” said Anne Marie Gaura, Buffalo Grove’s interim deputy village manager.

Redevelopment plans include Fresh Farms replacing Rogan’s Shoes as the anchor store.

Under the economic incentive agreement, Buffalo Grove will collect the first $85,000 in local sales tax generated by the grocery store. After that, sales tax revenue will be split evenly between the village and the developer, allowing the developer to recoup up to $1.1 million over an 11-year period.

Buffalo Grove will also reimburse the developer for up to $20,000 in building permit fees.

The redevelopment plans call for a new brick façade for the shopping center, located at the southeast corner of Dundee and Buffalo Grove roads. 

The plans were presented to the village in August. By October, most of the tenants had vacated their storefronts. Only a couple of stores, include Rogan’s Shoes, are expected to remain in the Cambridge building, which will be reconfigured.

Village Manager Dane Bragg has said the redeveloped shopping center could generate $30 million in annual sales, a figure 10 times the current amount.

Terra Patterson January 22, 2013 at 08:34 PM
Agree!!
Donna M. January 22, 2013 at 10:49 PM
Especially one that is about a mile away @ Milwaukee Rd. I would have loved to see a Sweet Tomatoes restaurant there.
Stuart Tindall January 23, 2013 at 12:33 AM
Won't it just cannabalize sales from Dominicks? Thus leading to lower taxes coming in from Dominicks and reduced taxes from the Fresh Farms due to this agreement.
Michael Clayson January 23, 2013 at 04:12 AM
Totally agree!!
Abigail January 23, 2013 at 04:28 AM
Maybe the shoplifters from nearby will start going to Fresh Farms. Because of all the shoplifting at Dominick's, I won't go to that location.

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