Lakemoor optimistic about growth at Route 120-12 intersection
LAKEMOOR – A more positive outlook on the economy had the village of Lakemoor change the underlying zoning for several properties near the Route 120 and 12 intersection to commercial from residential, its economic development director said.
The Lakemoor Village Board approved the amendments to its Comprehensive Plan at its meeting Thursday evening, changing roughly 68 acres to regional commercial from neighborhood residential.
The area was originally had an underlying zoning of residential to give developers more options in an economy that was "a little bit shaky," said Matt Dabrowski, the village's community and economic development director.
The village had originally hoped to develop the area around the intersection into a subregional commercial center with junior-sized commercial anchors, but now based on discussions with the property owner, village officials are thinking bigger: a regional commercial center with a mix of big box and junior box stores, he said.
Dabrowski is in communication with a possible developer, but the plans aren't definitive or public yet.
"We hope that 2014 is a good year for economic development for the village, but our goal is to get the 12-120 intersection developed," Dabrowski said. "We're hoping that will be catalyst for other development along 120, both commercial and residential."
The changes also play into the tax-increment financing district village officials are hoping to establish at the Route 120 and 12 intersection.
Kane, McKenna and Associates, a financial services firm, is in the process of putting together a qualifications report, which would establish whether the area would meet the criteria for a TIF district and whether that would be the best way for the village to meet its goals.
The area does not have public sewer or water lines, and would need storm water and roadway improvements to handle a regional commercial center, Dabrowski said.
The report should be finalized in mid- to late-May, he said. Public hearings would follow with the Lakemoor Village Board perhaps taking action in July or August.
The village is in communication with the other taxing districts that would be affected by the establishment of a TIF district, Dabrowski said.