Downtown Updates


 
  • July 2016 - Discussions with both Streetscapes (Block A) and Foxford Communities (Block C) continue to progress.  It is anticipated that draft re development agreements from both firms will be forthcoming during autumn 2016.

     
  • April 2016 - The developers interested in building 16 single family townhomes on the downtown Block A site held a “Growing in Community” workshop and tour of Lake Zurich during the week of March 21, 2016.  The purpose of these meetings was to introduce members of the design and development community to new housing concepts intended to appeal to the needs of all age segments, or what it takes to “grow in community.”  Participants, who included over two dozen leaders in the field of New Urbanism, architecture, marketing, real estate, and home technology solutions, discussed overarching design concepts for showcase homes and plans for how a home’s connectivity and integration can work well within the Lake Zurich community.  Negotiations are continuing to progress with Streetscape for a formal redevelopment agreement.
  • March 2016 - Negotiations are progressing with Streetscape for a redevelopment of Block A, consisting of 16 single family homes with a center courtyard design.  The proposed concepts and architectural designs are thought to be a good fit for Lake Zurich’s community character and the continuing negotiations are mostly related to financial assistance the Village may provide to help with site development expenses, such as upgrading water mains and sanitary sewer, which would serve the entire area, not just Block A.  Future public hearings and reviews by the Planning and Zoning Commission and Village Board will occur if a tentative redevelopment agreement can be reached.
  • January 2016 - Downtown sites continue to show developer interest, specifically for proposed residential projects, including 26 townhomes on Block C and 16 single family homes on Block A.  The Village remains committed to advancing the public interest of any proposed development and continues negotiations with interested developers on assistance that maybe eligible for Tax Increment Financing support.

     
  • August 2015 - StreetScape Development (based out of Skokie) has initiated discussions for a unique single family residential development on Block A that incorporates principles of New Urbanism and custom-designed homes.  Mayor Poynton and staff toured StreetScape homes under construction in Skokie and came away impressed with their building process and a high quality building design.  A Memorandum of Understanding will be approved at a public meeting in the near future.

     
  • June 2015 - Toll Brothers, the current group with whom the Village has a Memorandum of Understanding to propose a redevelopment of downtowns’ Block A property, is reexamining their original project scope in an effort to propose a feasible project.  The feasibility of assembling other nearby parcels, demolishing a number of current structures, and building high-end townhomes or row houses in their place is something Toll Brothers is exploring.
     
  • January 2015 - The Block A subcommittee, which consists of Village staff and two Trustees, met in January with an interested Block A developer.  Toll Brothers, a publically traded national development group with 47 years of experience, has presented themselves as an experienced and financially capable group.  The Village Manager’s Office has been creating a Memorandum of Understanding (MOU) with Toll Brothers to present to the Village Board.  This MOU will provide a framework and timeline for creating a full development proposal, which will hopefully result in Lake Zurich’s newest downtown development.

     
  • January 2015 - Now that the Tax Increment Finance (TIF) downtown district extension has been approved by the Illinois General Assembly, the Village has the opportunity to restructure some of the TIF debt.  The Village Manager’s Office and Finance Department have been in discussions with financial advisors to evaluate next steps. Preliminary discussions indicate the Village can achieve cash flow relief over $4.8 million in the next five years. This is done by spreading the existing debt out over the remaining life of the TIF district and does not involve taking on additional debt.

      
  • December 2014 - The Village accomplished an important objective this month with the Illinois General Assembly approving legislation granting the long-sought after 12-year TIF extension.  The TIF district extension was a key component of the Village’s Six Point Downtown Action Plan adopted in fall of 2013, which contains near-term strategies for moving downtown forward and was identified in the Village’s 2011 Downtown Redevelopment Strategies report as critical to ongoing economic development efforts.  The downtown TIF district was started in 2002 and without the extension was set to expire in 2025.  With the extension the TIF district will expire in 2037.  The projected financial benefit over the course of the next 23 years is some $14 million.

     
  • November 2014 - In November, the Village convened a Block A Subcommittee to review multiple development proposals submitted for a downtown high-density project on the Block A property adjacent to the lakeside promenade.  Consisting of two Village Board Trustees, the Village Manager, Assistant Village Manager, Village Planner, Manhard engineer consultants, and a development advisor at Teska, the Block A Subcommittee is expected to recommend a preferred developer to the full Village Board in the near future.

     
  • October 2014 - Following months of collaboration, the Village has obtained the support of all the local taxing bodies to move forward with legislative action in the General Assembly on a TIF District extension.  Staff will be working with a State Representative to sponsor the legislation in Springfield for final approval.
  • May 15, 2014 - With the availability of additional parking, DiPiero's Italian Ristorante located in downtown expands their operations.
  • April 22, 2014 - A private-public partnership between DiPiero's Italian Ristorante and the Village of Lake Zurich replaces the uninhabited Old Village Inn with a shared parking facility.
  • March 17, 2014 - Construction of the remaining units of Somerset Townhomes is approved with a project start of August 2014. The new town homes are expected to be finished by April/May 2015.
  • November 1, 2013 - Site Available campaign is launched to promote properties in the downtown that are ready to build.
  • October 21, 2013 - Village Manager Jason Slowinski unveils the Downtown Action Plan to jump start redevelopment efforts in the downtown.
  • September 11, 2013 - Demolition begins with the corner of Old Rand Road and Main Street.
  • September 3, 2013 - Lake Zurich Village Board approves the demolition of vacant downtown buildings.