HUNTLEY – The Village Board meets tonight to decide on a special taxing district that officials hope will revitalize and further develop Huntley’s downtown.
Village officials for nearly a year have been planning, mapping and studying the creation of a second tax increment financing district covering downtown from Main Street to Algonquin Road.
Known as a TIF, the district could generate $40 million in property-tax revenue over 23 years for building renovations, development and landscaping in the downtown that has been Huntley’s center since 1851.
“It’s a point of pride; we have a very historic downtown,” Trustee Pam Fender said. “We like the idea of holding public events in our square downtown, and over time that will become easier. We’ll have better parking facilities, nicer sidewalks, nicer streets.”
Trustees haven’t voiced opposition to the proposed district and approval is expected. Huntley’s four other taxing bodies, which don’t stand to benefit directly from the district, easily endorsed it in November.
The downtown TIF would freeze property-tax dollars in that area at a certain amount for all of Huntley’s taxing bodies for the next two decades. Increases over that base amount would go into a special fund the village can use to redevelop downtown.
If approved, the downtown TIF would be Huntley’s second special taxing district. Officials created a TIF in 1993 to spur development at the Huntley Outlet Center near Interstate 90.
Projected investment in the downtown isn’t expected to be instantaneous and is dependent on economic factors. The TIF will take years to collect enough property-tax dollars to fulfill the village’s 2010 downtown revitalization plan.
The village plans to spend $17 million on utility improvements, $8 million on public facility upgrades, $5 million on exterior building improvements and $4 million on land acquisition for new development.
If you go
When: 7 p.m. tonight
Where: Huntley Village Hall, 10987 Main St.