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Council approves Algonquin Road/Orchard Drive redevelopment designations and TIF
Summary
The City Council adopted Ordinances 26-16, 26-17 and 26-18 to approve a redevelopment plan, designate the project area and adopt tax increment financing for the Algonquin Road/Orchard Drive area.
Rolling Meadows City Council moved forward May 12 with redevelopment measures for the Algonquin Road/Orchard Drive corridor.
Mayor Sanoica read Ordinance Nos. 26-16, 26-17 and 26-18 into the record. Alderperson Boucher, who moved one of the ordinances, and other council members supported the measures; each ordinance passed on roll call with seven ayes and zero nays. The package establishes a redevelopment plan for the Algonquin Road/Orchard Drive Redevelopment Project Area and adopts tax increment allocation financing for the area.
Council provided no further amendments or extended debate during the meeting. The items advance the city's redevelopment framework for Algonquin Road and Orchard Drive and enable use of TIF tools for eligible projects.
