Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Rolling Meadows reviews two proposed Algonquin Road TIF districts
Summary
City staff and consultant SB Friedman presented eligibility reports for two proposed Tax Increment Financing districts on Algonquin Road, outlining targeted sites, estimated eligible redevelopment costs ($58M and $52M), and a public process including a March JRB and April City Council hearing.
Emma Bonanno-Lynch, a consultant with SB Friedman, presented draft reports on two proposed Tax Increment Financing (TIF) districts along Algonquin Road during the Rolling Meadows Committee of the Whole meeting on Feb. 17, 2026. The studies designate two redevelopment project areas—Orchard & Algonquin and Keystone & Algonquin—and identify specific sites targeted for rehabilitation and public improvements.
Bonanno-Lynch told the Committee the areas "appear to be eligible for TIF designation as 'conservation areas' under the Illinois Tax Increment Allocation Redevelopment Act." She outlined high-priority parcels including the former Holidome/Holiday Inn site, the office building at 3601 Algonquin Road, the proposed QuikTrip and Armanetti liquor store redevelopment, and portions of the Southland Shopping Center and Keystone Court. The consultant estimated eligible redevelopment project costs over the life of the TIF at about $58 million for Orchard/Algonquin and $52 million for Keystone/Algonquin.
Staff reviewed a tentative schedule for statutory and public steps: final plans were filed with the City Clerk (Feb. 6), the Joint Review Board (JRB) is scheduled to convene March 17 to receive input, public notices will be mailed March 19–30, a City Council public hearing is planned April 14, and the Council may consider final adoption on April 28, 2026. The presentation was informational; no formal ordinance or resolution was considered at this meeting.
Mayor Pro-Tem Koehler took a straw poll later in the meeting to confirm Council direction on related Comprehensive Plan amendments, and the Committee recorded a 6–0 straw vote in favor of staff proceeding with the plan amendments and outreach needed to align land-use designations with the proposed TIFs. That straw vote is nonbinding and does not constitute final approval of any TIF.
