Hoffman Estates advances utility and TIF agreements
At a glance
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The committee advanced a ComEd underground power line agreement for the Compass data center site and approved two Higgins/Hassell TIF actions tied to redevelopment of Lot 8 and the rest of the district. One of those TIF items passed with one no vote.
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What this means
The committee recommended a license agreement that would let ComEd install underground electric lines through several rights-of-way to support the Compass data center site. It also approved a redevelopment agreement and TIF note for Lot 8 in the Higgins/Hassell area, with up to $8 million in reimbursable TIF funding tied to the project and a March 1 purchase deadline for the developer. In a separate action, the committee approved a new TIF note for the rest of the Higgins/Hassell district after removing Lot 8, changing the revenue split to 75% for the developer and 25% for the village after administrative costs. The Lot 8 redevelopment item was sent to the Village Board without a recommendation, and the other TIF note passed 5-1.
Key decisions
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- Recommended approval of a ComEd license agreement for underground electric distribution lines in the Chatham Drive, Essex Drive, Beacon Pointe Drive, Beverly Road, and Trillium Boulevard rights-of-way.
- Approved a Lot 8 redevelopment agreement and TIF note for the Higgins/Hassell Redevelopment Project Area, with maximum reimbursement of $5 million for Phase 1 and $3 million for Phase 2.
- Sent the Lot 8 redevelopment item to the Village Board without a recommendation for action next week.
- Approved a new TIF note for the Higgins/Hassell Redevelopment Project Area except Lot 8, with one dissenting vote.
- Changed the remaining Higgins/Hassell TIF revenue split to 75% developer and 25% village after administrative costs.
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Meeting information
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Planning, Building & Zoning Committee-Special
Agenda
- 1. CALL TO ORDER/ROLL CALL
- 2. PUBLIC COMMENT
- 3. NEW BUSINESS
- A. Approval of a License Agreement with Commonwealth Edison Company (ComEd) for underground electric distribution lines in the Chatham Drive, Essex Drive, Beacon Pointe Drive, Beverly Road, and Trillium Boulevard Rights-of-Wayattachments=1 | reports=1Decision: NEW BUSINESS
- B. Approval of an Ordinance Authorizing the Execution of a Lot 8 Redevelopment Agreement and the Issuance of a TIF Note for Lot 8 in the Higgins/Hassell Redevelopment Project Area in the Village of Hoffman Estates, Illinois (Higgins/Hassell TIF District)attachments=2 | reports=1Decision: NEW BUSINESS
- C. Approval of an Ordinance Authorizing the Issuance of a TIF Note for Higgins/Hassell Redevelopment Project Area Except Lot 8attachments=1 | reports=1Decision: NEW BUSINESS
- 4. OTHER
- 5. ADJOURNMENT
Documents from this meeting
- Agendahttps://hoffmanestatesil.api.civicclerk.com/v1/Meetings/GetMeetingFileStream(fileId=1316,plainText=false)
- Packethttps://hoffmanestatesil.api.civicclerk.com/v1/Meetings/GetMeetingFileStream(fileId=1317,plainText=false)
- Minuteshttps://hoffmanestatesil.api.civicclerk.com/v1/Meetings/GetMeetingFileStream(fileId=1363,plainText=false)
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