Lake Zurich trustees support selling downtown property
Updated: September 4, 2012 5:09PM
LAKE ZURICH — At a recent town hall meeting, several Lake Zurich Village trustees indicated that they are interested in selling the two-acre downtown property across from the promenade.
“There was a poll taken and five out of six trustees decided they were interested in selling the property,” Village Manager Suzanne Branding said.
The vacant property, at 200 W. Main St. in the center of downtown, is part of a Tax Increment Financing (TIF) district, which allocates increases in property taxes from a designated area to be used for improvements within those specific boundaries. Branding said the downtown TIF expires in 2023.
“All property within a TIF district are ultimately sold,” said Dan Peterson, director of Lake Zurich’s Building and Zoning Department. He added that staff at Village Hall and board members are examining how the sale can be conducted.
“At this point in time, we are still in the process of researching the options,” Peterson said.
“It’s in the very preliminary stages and I don’t know if it will come to fruition or not,” Branding added. “We’d have to look at it from a legal point-of-view and a financial point-of-view.”
Village Trustee Jonathan Sprawka pointed out that although it’s not clear what kind of development proposals the village would receive, there are village planning codes in place that will apply.
“So it’s not going to be wide open to what can and cannot go there,” he said. “We want to match what is needed and what the downtown can support.”
Branding reported that she has heard from numerous residents who are concerned about the redevelopment.
“The community is very upset about it,” she said.
Sprawka said although he thinks the downtown is ripe for redevelopment, he can understand frustration from the community.
“People want to know what’s going to happen,” he said. “I think people are always concerned with the unknown.”
Sprawka said the process and discussions are expected to proceed well into 2013.
“It’s a pretty lengthy process,” he said. “I know we’re definitely going to continue this conversation at the next meeting.”