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Board warned to watch Old Orchard and Henry developments as potential long-term revenue levers
Summary
Rob Grossi and staff told trustees that two large projects (the Henry at Thomas Woods and Old Orchard/Westfield) could generate up to ~$2 million annually in new tax revenue if taxable valuation comes on-line, but the model did not assume tax incentives or TIF abatements; trustees asked staff to continue monitoring and to commission demography work.
Trustees pressed the consultant and staff on whether the five-year forecast incorporated the expected tax revenue from two large developments (the Henry at Thomas Woods and the proposed Old Orchard/Westfield redevelopment). Staff and the consultant said the model included an optimistic upper-range estimate that the two projects combined ‘‘could generate 2,000,000 plus in new annual tax revenues above and beyond the CPI,’’ but the village told staff the timing remains uncertain and the model did not assume any tax-incentive (TIF) abatements.
Rob Grossi said directly that the model did not bake in potential developer incentives: “No. That would be a huge impact on this district,” and he cautioned trustees that any TIF or incentive would materially change projections if used to curtail school property tax revenues. Trustees requested closer coordination with the Village and a spring follow-up projection once more information is available.
District staff said they have contracted a demographer and expect to provide demographic data to the demographer by mid-December so the board can better estimate student yield and impact on building capacity and staffing later in the planning cycle.
