City invites residents to meetings on new development

A development has been proposed for the former Municipal Services building site at the northwest corner of Laurel and Western Avenues in Lake Forest. The Building Review Board is scheduled to hear a presentation from Focus Development on March 4 at 6:30 p.m. at City Hall and the Plan Commission is scheduled to hear a presentation on March 11 at 6:30 p.m. at City Hall.

On Jan. 20, the Lake Forest City Council approved an ordinance establishing a TIF District to facilitate the proposed development. A TIF District is a tool available to local governments to help pay for public improvements (i.e. site clean-up and preparation as well as upgrades to public infrastructure such as sewers and streets).

The additional tax revenue generated by the new development is used to pay for these improvements. Because the site is not currently paying property taxes because it is owned by the City, all of the future property taxes generated by the development will be incremental to Lake Forest. Private development costs are still borne by the developer.

A TIF District does not impose a new tax or additional taxes on the community.

A past success story: In 1988, the Lake Forest City Council used a TIF District for the west side of Lake Forest. By implementing the TIF, the 180 acres identified as under-used land now serves as the setting for: the Telegraph Road Train Station, Fire Station II, a new Everett School, Everett Park improvements, streetscape improvements and Settlers’ Square business district including Sunset Corners, Lovell’s and new townhouses.

The development resulting from this TIF District generated significantly more property tax revenues than originally estimated, benefiting the City and other taxing bodies.

The public is invited to both March meetings, and the City welcomes input from all residents.