SUGAR GROVE – The Sugar Grove Village Board accepted a bid proposal from Moran Economic Development for a Tax Increment Financing study at the board's April 17 meeting.
The study is to determine if Crown Community Development would be eligible to establish a TIF district for the 260 acres of land they own surrounding Route 47 and Interstate 88, according to Walter Magdziarz, development director for Sugar Grove. This study will be funded by Crown and will cost up to $35,000; there is no cost associated with the village for this project.
“We recommended Moran’s proposal for two reasons,” Magdziarz said. “Moran is a true economic development consultant. That’s all they do, and Moran has experience with many similar situations in other parts of Illinois. What Moran provides Crown is extensive economic development experience by finding solutions for complex financial problems.”
Several potential TIF district projects were presented to the Village Board for its consideration during the meeting, according to Magdziarz. The projects discussed are for TIF District 1, located at Dugan Road and U.S. 30 to the west side of the Aurora Municipal Airport, and for TIF District 2, located on the east side of the Aurora Municipal Airport to US 30 to Galena Boulevard up to Wheeler Road.
“The Village Board was receptive to the suggested TIF projects,” Magdziarz said. “We are going to move forward with the Airpark Drive resurfacing project. The board also wants us to investigate the likelihood of expanding the boundaries of one or both of the TIF districts to make them coterminous. Another high priority project is providing a crosswalk across U.S. 30 at Municipal Drive to connect the existing bike paths. We need to make the TIF districts coterminous in order to fund this improvement as TIF District 2 isn’t producing a lot of increment yet.”
The other TIF district projects for TIF district 1 and 2 cover a wide variety of improvements related to extending sanitary sewer to the industrial parks along Dugan Road, establishing fiber optic infrastructure to the areas included in the TIF districts along with the addition of cell towers to increase and improve cell reception on the west side of the Aurora Municipal Airport, Magdziarz said.
Village Administrator Brent Eichelberger explained the reasoning behind the proposed TIF projects.
“[The] discussion is about the possibilities and the types of improvements that are needed to bring nonresidential development and the accompanying jobs, tax base and convenience,” Eichelberger said.
In order to move forward with the projects discussed the Village Board will need to accept a bid proposal for the Airpark Drive resurfacing project and speak with a TIF consultant to obtain a bid proposal to create the same boundaries for TIF district 1 and 2, according to Magdziarz.