Council adopts Algonquin Road/Keystone redevelopment plan and TIF financing
Summary
Rolling Meadows City Council unanimously adopted Ordinances 26-13, 26-14 and 26-15 establishing a redevelopment plan and authorizing tax increment financing for the Algonquin Road/Keystone Court project area.
The Rolling Meadows City Council on May 12 adopted three ordinances to create and finance the Algonquin Road/Keystone Court Redevelopment Project Area.
Mayor Sanoica read Ordinance No. 26-13 into the record and the Council approved it by roll call. Council then adopted Ordinance No. 26-14 designating the project area and Ordinance No. 26-15 adopting tax increment allocation financing (TIF) for the area; each action passed unanimously with seven ayes and zero nays.
City Council members did not request additional public hearings at the meeting and no amendments were offered. The ordinances together establish the redevelopment plan and create the TIF mechanism intended to support redevelopment activity in the designated Algonquin Road/Keystone Court area.
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