In January Arlington Heights formed a fifth TIF (redevelopment) district at the Village Board meeting. The boundaries for the tax increment financing district were set in a 6-2 vote, with trustees Joseph Farwell and Bert Rosenberg opposing the decision.
The goal of the TIF is to improve two struggling shopping centers, Town and Country, and Southpoint.
Some trustees questioned if Arlington Heights should form another TIF district. Trustee Helen Jensen felt that it would be wrong for the village to assist redevelopment of the commercial area if condominiums are eventually made part of the plan. Trustee Farwell said forming a fifth TIF district, after the recent creation of a fourth, might force developers to question which redevelopment area presents the "sweeter deal." Farwell also said he wasn't comfortable moving forward with the TIF Monday because no specific plan was before the board.
Anthony Visconsi II of Visconsi Companies Ltd., which owns Town and Country mall, said leases for three Town and Country spaces, each for properties in excess of 35,000 square feet, could be signed within a month, if the village approved TIF financing for the project.
In the same meeting the board also approved amending the village's comprehensive plan for a portion of Southpoint shopping center, some designated for commercial and some for parks use, all to a "mixed use" designation.
