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Hickory Kensington TIF shows $26.9 million total investment after 10 years, village reports
Summary
Village staff presented the statutorily required 10‑year status report for the Hickory Kensington Tax Increment Financing (TIF) district: preliminary numbers show $6.5 million in TIF revenues, about $2.0 million in public expenditures and nearly $25 million in private investment, for a total of $26.9 million.
The Village of Arlington Heights opened a public hearing and received a 10‑year status report for the Hickory Kensington tax increment financing redevelopment project area, showing preliminary figures through Dec. 31, 2024.
Emily Rodman, director of community development, told trustees the district has generated $6.5 million in revenues and incurred just over $2 million in expenditures for studies, infrastructure, developer reimbursements and property assemblage. Private investment in the district during the same period totaled nearly $25 million; combined public and private investment was $26,898,432, Rodman said.
State law requires municipalities to compile a status report and hold a public hearing not later than 10 years after adopting a TIF district. Rodman said the public‑to‑private investment ratio in Hickory Kensington is approximately 7.6% public and 92.4% private. The village staff noted ongoing developer interest and identified projects under active review, including a previously discussed 5 North Douglas proposal.
Trustees asked staff about future spending and projects that could use TIF funds. Rodman said the TIF redevelopment plan outlines possible types of investments at a high level and that staff is working with developers on prospective projects; final decisions will depend on market conditions.
The board closed the public hearing after no members of the public asked to speak. A motion to close the hearing passed on an affirmative voice vote.
