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Rolling Meadows reviewed two proposed tax increment financing districts along Algonquin Road, with staff support shown for moving ahead on related comprehensive plan changes needed to align land use policy with the TIF schedule.
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The city discussed two proposed TIF districts on Algonquin Road: Keystone and Algonquin, and Orchard and Algonquin. The plans are meant to steer future investment toward aging commercial areas, with estimated eligible redevelopment costs of $52 million and $58 million over the life of the districts. The committee also heard about changes to the city’s comprehensive plan for Algonquin Road and Golf Road, and staff received direction to proceed as proposed. A new bicycle and pedestrian plan also launched with outside technical help, but no council vote was needed on that item.
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