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McHenry council opens study of three proposed TIF areas, asks staff to bring outside expert
Summary
City staff presented conceptual maps for three proposed tax-increment financing (TIF) districts — Richmond Road (former Kmart area), West Route 120 and a large Main Street/Front Street corridor — and the council directed staff to arrange an outside consultant briefing before any formal action.
City staff on Monday outlined preliminary maps for three possible tax-increment financing districts and told the McHenry City Council the step would be a long, technical process that requires outside expertise and time.
City Administrator Suzanne led the overview of how a TIF works as a geographically focused tool that “captures new tax growth generated by improvements within the district and then reinvest[s] that directly into critical infrastructure such as roads, utilities and redevelopment projects,” she said. Economic Development Director Doug Martin then reviewed the three study areas and the specific redevelopment challenges staff said they face.
The Richmond Road area centers on the former Kmart/Sears block and several adjoining shopping centers that staff described as physically and functionally obsolete. Doug Martin said the pair of adjacent centers together include about 150,000 square feet of vacant space and that the former big-box building has sat vacant many years; “the reuse or division of the big‑box building is…
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