Finance Committee Recommends Dundee and Skoke TIF

The following report was part of Northbrook's weekly staff memo.

On December 17, the Administration and Finance Committee met to review the Applicant’s request for tax increment financing (TIF) for improvements associated with the NorthShore 770 mixed use development. The Committee recommended:

• Through the use of TIF financing, the Village should provide the Applicant up to $4.9 million in the form of a “pay as you go” developer note at a taxable market interest rate, not to exceed 6.5%, to be secured by 100% of TIF increment generated by only the retail component of the development.
• The Dundee Road/Skokie Boulevard Redevelopment Plan and Project should be amended to accommodate the developer’s proposed request.
• Given that the proposed dual left turn lanes on Dundee Road benefit more than the proposed project, the potential construction of these dual left turn lanes should be funded by the Village through a combination of (a) TIF financing, (b) grants from the State or federal government, or (c) the Village’s general bonding capacity.

In addition to the above recommendation, the Committee suggested that Village President Sandy Frum send a letter to the Park District inquiring about its response to the Applicant’s request to waive a portion of the Park District impact fees.

Last week, Northshore 770 developers requested tax increment financing to fund improvements to Dundee Road and Skokie Boulevard.

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