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Hoffman Estates approves Bell Works TIF changes and Westside site plan after debate over extended developer split
Summary
Trustees approved amendments to the Bell Works redevelopment agreement to allow at least one apartment building inside the Lakewood Center TIF and to extend five years of a 95% developer/5% village tax-increment split; the Westside site plan for exterior and pedestrian improvements was also approved.
Trustee vote: The Village of Hoffman Estates approved an amended redevelopment agreement that allows residential development inside the Lakewood Center tax-increment financing (TIF) district and extends for five additional years a 95% developer / 5% village increment split before returning to a 50/50 split.
Why it matters: The change lets the developer include at least one full apartment building within the TIF boundary (moved from a prior plan) and shifts more of the near-term TIF increment to the developer to support financing and construction amid higher post‑2018 costs. In exchange, the developer agrees to several Westside improvements — including a 10-foot shared-use path along Lakewood Boulevard and related pedestrian and bicycle connections — that staff said would otherwise have required village investment.
What trustees heard: Kevin…
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