As expected, Sturtevant trustees Tuesday approved the boundaries for a new development district that officials hope will drastically change how the Highway 11 corridor looks in the next 10 to 15 years.
Start-up costs to establish the district (TIF #4) and either install or improve necessary infrastructure like sewer and water system lines and connections; utilities like gas and electric; roads; streetscaping and landscaping come to $23,765,000 but is expected to trigger increased values by $119,500,000 with new development, redevelopment of existing properties, and appreciation.
Unlike TIF #3 – most of which is located in the Renaissance Business Park and had an expiration period of 27 years – the new development district will have an expiration period of 20 years. TIF #3 is closed now, and property owners throughout the region should feel the results of lower taxes. Village residents in particular can expect to see a reduction in their property taxes of up to 25 percent.
Once TIF #4 closes in 2031, property taxes could very well go down again once the appreciated parcels rejoin the general tax roll and taxes contribute to Sturtevant’s general fund.
In other Sturtevant news, trustees approved with a 5-1 vote to borrow $2,810,000 to construct a new Department of Public Works building on 90th Street, putting all village services in a central location and creating a village campus.
Board member Michelle Duchow was the lone dissenting vote; Trustee Jayme Hoffman was excused.
Construction of the 22,000 square foot building will get underway in the next couple of weeks. The department is expected to move in and begin operations by next summer.