These projects are a part of the overall master plan for downtown from Old Rand Road to Lake Street. It was projected to generate nearly $36 million in additional tax revenue during the life of the TIF District.
Concord Village Subdivision
Located on the old Grace-Dearborn Chemical Company site, the Concord Village subdivision development brought 275 homes to the downtown area of Lake Zurich. The Village invested $4 million in the Concord Village project, but also received $900,000 from the developer to pay for the new lakefront promenade. Concord Village will generate more than $30 million of new tax revenue during the life of the TIF District. The Lake Zurich Downtown TIF district started out as a true success story.
Somerset Town Homes
Somerset town homes are located on the north side of Main Street between Lakeview Place and Old Rand Road. It is a quaint upscale downtown town home community with gorgeous views of our lake. Utilizing TIF funds, the Village successfully purchased all of the properties needed for the Somerset town homes and also provided nearly $1 million in TIF assistance.
A wonderful and rich streetscape tempers traffic, is pedestrian friendly, and provides ample parking. East Main Street has undergone a “facelift” to create an interesting experience for the residents and visitors of Lake Zurich to walk along. Approximately $170,000 of downtown improvement funds have been used to make this project a reality.
Redeveloped Commercial Space
Redevelopment has attracted unique & new downtown restaurants.
Downtown Lake Zurich's Past
Brownfield Remediation & Redevelopment Properties
The Village received over $1 million in grant funds covering the cost of environmental studies and remediation costs to clean up the sites.
Parks & Open Spaces Lake Zurich’s downtown streetscape and lakefront promenade have been renovated thanks to TIF funds. Utilizing a $900,000 contribution from the Concord Village project, the Village created a variety of landscape and infrastructure improvements that make the lakefront the new focal point of the downtown. The picture to the left of the promenade is often featured in publications regarding the Village.