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2023-08-21 - Ordinance 2023-107 - APPROVING A TAX INCREMENT REDEVELOPMENT PLAN AND REDEVELOPMENT PROJECT FOR THE 2023 BUFFALO GROVE DUNDEE ROAD REDEVELOPMENT PROJECT AREA ORDINANCE NO. 2023-107 AN ORDINANCE OF THE VILLAGE OF BUFFALO GROVE, ILLINOIS, COOK AND LAKE COUNTIES, ILLINOIS, APPROVING A TAX tNCREMENT REDEVELOPMENT PLAN AND REDEVELOPMENT PROJECT FOR THE 2023 BUFFALO GROVE DUNDEE ROAD REDEVELOPMENT PROJECT AREA WHEREAS, it is desirable and for the best interest of the citizens of the Village of Buffalo Grove, Cook and Lake Counties, Illinois, ("Buffalo Grove"), for Buffalo Grove to implement tax increment allocation financing pursuant to the Tax Increment Allocation Redevelopment Act, Division 74.4 of Article 11 of the Illinois Municipal Code, as amended (the "Act"), for a proposed redevelopment plan and redevelopment project (Plan and Project) within the municipal boundaries of Buffalo Grove and within a proposed redevelopment project area ("Area") described in Section 1 (a) of this ordinance, which Area consists in the aggregate of approximately 107 acres; and WHEREAS, pursuant to Section 11-74.4-5 of the Act, the President and Board of Trustees of Buffalo Grove called a public hearing relative to the Plan and Project and the designation of the Area as a redevelopment project area under the act for July 17, 2023 at the Buffalo Grove Village Hall, SO Raupp Boulevard, Buffalo Grove, Illinois; and WHEREAS, due notice in respect to such hearing was given pursuant to Section 11-74.4-5 of the Act, said notice being given to taxing districts and to the Illinois Department of Commerce and Economic Opportunity by certified mail on May 25, 2023 by publication on June 20, 2023 and again on June 30, 2023 and luly 9, 2023 and by certified mail to taxpayers within the area on July 6, 2023; and WHEREAS, Buffalo Grove has heretofore convened a joint review board as required by and in all respects in compliance with the provisions of the Act; WHEREAS, the Plan and Project set forth the factors that caused the proposed Area to be blighted, and the Corporate Authorities have reviewed the information concerning such factors presented at the public hearing and have reviewed other studies and are generally informed of the conditions in the proposed Area that caused the area to be a "conservation area" as defined in the Act; and WHEREAS, the Corporate Authorities have reviewed the conditions pertaining to lack of private investment in the proposed Area to determine whether private development would take place in the proposed Area as a whole without the adoption of the proposed Plan; and WHEREAS, the Corporate Authorities have reviewed the conditions pertaining to real property in the proposed Area to determine whether contiguous parcels of real property and improvements thereon in the proposed Area would be substantially benefited by the proposed Project Improvements; and WHEREAS, the Corporate Authorities have reviewed the proposed Plan and Project and also the existing Comprehensive Plan for development of Buffalo Grove as a whole to determine whether the proposed Plan and Project conform to the Comprehensive Plan of Buffalo Grove; NOW THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF BUFFALO GROVE,COOK AND LAKE COUNTIES, ILLINOIS AS FOLLOWS: Section 1. Findings.The Corporate Authorities hereby make the following findings: a. The Area, street location (as near as practicable) for the Area and the map are described and depicted in Exhibit A attached hereto and incorporated herein as if set forth in full by this reference. b. There exist conditions that cause the Area to be subject to designation as a redevelopment project area under the Act and pursuant to the findings of the 2023 Buffalo Grove Dundee Road TIF District Eligibility Study and Redevelopment Pian and Project attached as Exhibit B. c. The proposed Area on the whole has not been subject to growth and development through investment by private enterprise and would not be reasonably anticipated to be developed without the adoption of the Plan. d. The Plan and Project conform to the Comprehensive Plan for the development of Buffalo Grove as a whole. e. As set forth in the Plan, the estimated date of completion of the Project is 23 years, and the estimated date of retirement of all obligation incurred to finance redevelopment project costs as defined in the Plan is not be later than December 315Y of the year in which the payment to the Village Treasurer pursuant to the Act is to be made with respect to ad valorem taxes levied in the 23rd calendar year in which the ordinance approving the redevelopment project area is adopted. f. The parcels of real property in the proposed Area are contiguous, and only those contiguous parcels of real property and improvements thereon that will be substantially benefited by the proposed Project improvements are included in the proposed Area. Section 2. Exhibits incorporated by reference. The Plans and Project, which were the subject matter of the public hearing held July 17, 2023 are hereby adopted and approved. A copy of the Plan and Project is set forth in Exhibit B attached hereto and incorporated herein as if set forth in full by this reference. Section 3. Invalidity of any Section. If any section, paragraph, or provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph, or provisions shall not affect any of the remaining provisions of this ordinance. Section 4. Superseder and Effective Date. All ordinances, resolutions, motions or orders in conflict herewith shall be and the same hereby are, repealed to the extent of such conflict, and this ordinance shall be in full force and effect immediately upon its passage by the Corporate Authorities and approval as provided by law. AYES: 6—Johnson, Cesario,Ottenheimer,Stein, Pike,Weidenfeld NAYES: 0- None ABSENT: 0- None PASSED: Au�ust 21, 2023 APPROVED: Au�ust 21, 2023 PUBLISHED: Au�ust 22, 2023 ATTEST: APPR ED: w\.� /� �-y � ' f l � .`v'��..��f��-ii�d�. � \ \ \ Jane . Sirabian, Village Clerk Eric N. Smith, ' lage President .:� ;= . . ;,.,;-_ .�r' _ � . `^=- `� , - � - ' =_ ` „��r.1 ' /-- �. �� . � \v..... .:�.. . � � � 'i'. 'i. � '•. . _�.� Exhibit A THE 2023 BUFFALO GROVE DUNDEE ROAD REDEVELOPMENT PROJECT AREA COOK COUNTY THAT PART OF SECTION 5, 6, 7 AND 8, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLIN015, DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE NORTH LINE OF DUNDEE ROAD AND THE WEST LINE OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 6; THENCE EAST ALONG SAID NORTH LINE OF DUNDEE ROAD TO THE WEST LINE OF THE EAST 22 ACRES OF THE SOUTH 60 ACRES OF THE SOUTH HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 6; THENCE SOUTH ALONG LAST SAID WEST LINE TO THE NORTH LINE OF SAID DUNDEE ROAD; THENCE EAST ALONG SAID NORTH LINE OF DUNDEE ROAD TO THE EAST LINE OF THE WEST 200.0 FEET OF THE EAST 22 ACRES OF THE SOUTH 60 ACRES OF THE SOUTH HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 6; THENCE NORTH ALONG LAST SAID EAST LINE TO THE SOUTH LINE OF THE NORTH 470.0 FEET OF THE EAST 22 ACRES OF THE SOUTH 60 ACRES OF THE SOUTH HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 6; THENCE EAST ALONG LAST SAID SOUTH LINE TO THE WEST LINE OF ARLINGTON HEIGHTS ROAD SAID POINT ALSO BEING THE SOUTHEAST CORNER OF LOT 2 IN STRATHMORE WEST SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 20142938 IN COOK COUNTY, ILLINOIS; THENCE NORTH ALONG THE WEST LINE OF ARLINGTON HEIGHTS ROAD TO THE WESTERLY EXTENSION OF THE SOUTH LINE OF ARLINGTON HILLS IN BUFFALO GROVE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 19834936 IN COOK COUNTY, ILLINOIS; THENCE EAST ALONG LAST SAID SOUTH LINE OF ARLINGTON HILLS IN BUFFALO GROVE TO THE EAST LINE OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SAID SECTION 5; THENCE SOUTH ALONG LAST SAID EAST LINE OF THE WEST HALF OF THE SOUTHWEST QUARTER TO THE SOUTHWEST CORNER OF CHATHAM SUBDIVISION UNIT NO. 4, ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 85262907 IN COOK COUNTY, ILLINOIS; THENCE EAST ALONG THE SOUTH LINE OF LAST SAID CHATHAM SUBDIVISION UNIT N0. 4 TO THE WESTERN MOST CORNER OF DELACOURTE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 98513157 IN COOK COUNTY, ILLINOIS; THENCE EAST ALONG A SOUTH LINE OF SAID DELACOURTE SUBDIVISION TO A BEND IN THE WEST LINE OF SAID DELACOURTE SUBDIVISION; THENCE SOUTH ALONG THE WEST LINE OF SAID DELACOURTE SUBDIVISION TO THE SOUTHWEST CORNER OF SAID DELACOURTE SUBDIVISION BEING ALSO THE NORTH LINE OF DUNDEE ROAD; THENCE EAST ALONG THE NORTH LINE OF DUNDEE ROAD TO THE NORTHERLY EXTENSION OF THE WEST LINE OF MILL CREEK UNIT ONE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 20937795 IN COOK COUNTY, ILLINOIS; THENCE SOUTH ALONG SAID WEST 28 LINE OF MILL CREEK UNIT ONE SUBDIVISION TO THE SOUTH LINE OF GRAND SPAULDING DODGE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 23752075 IN COOK COUNTY, ILLINOIS; THENCE WEST ALONG THE SOUTH LINE OF SAID GRAND SPAULDING DODGE SUBDIVISION AND ALSO THE SOUTH LINE OF GRAND SPAULDING DODGE RESUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 25344703, IN COOK COUNTY, ILLINOIS AND ALSO THE SOUTH LINE OF CRYSLER REALTY SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 88224282, IN COOK COUNTY, ILLINOIS TO THE WEST LINE OF OLD ARLINGTON HEIGHTS ROAD, BEING ALSO THE EAST LINE OF FREEDOM SMALL FARMS SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 12703394, IN COOK COUNTY, ILLINOIS; THENCE NORTH ALONG LAST SAID WEST LINE OF OLD ARLINGTON HEIGHTS ROAD TO THE SOUTH LINE OF DUNDEE ROAD; THENCE WEST ALONG THE SOUTH LINE OF DUNDEE ROAD TO THE NORTHEAST CORNER OF LOT 7 IN FREEDOM SMALL FARMS SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 12703394, IN COOK COUNTY, ILLINOIS; THENCE SOUTH ALONG THE EAST LINE OF SAID LOT 7 TO THE SOUTHEAST CORNER OF LOT 7 IN SAID FREEDOM SMALL FARMS SUBDIVISION; THENCE WEST TO THE SOUTHWEST CORNER OF SAID LOT 7 IN FREEDOM SMALL FARMS SUBDIVISION; THENCE NORTH ALONG THE WEST LINE OF SAID LOT 7 IN FREEDOM SMALL FARMS SUBDIVISION TO THE SOUTH LINE OF DUNDEE ROAD; THENCE WEST ALONG THE SOUTH LINE OF DUNDEE ROAD TO THE CENTERLINE OF ARIINGTON HEIGHTS ROAD; THENCE SOUTH ALONG THE CENTERLINE OF ARLINGTON HEIGHTS ROAD TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF BARBARA RESUBDIVISION BEING A RESUBDIVISION OF PART OF LOT 2 IN PLAZA VERDE UNIT ONE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 00818536, IN COOK COUNTY, ILLINOIS; THENCE WEST ALONG THE SOUTH LINE OF PLAZA VERDE UNIT ONE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 23237770, IN COOK COUNTY, ILLINOIS TO THE WEST LINE OF THE EAST HALF OF THE NORTHEAST QUARTER OF SAID SECTION 7; THENCE NORTH ALONG THE WEST LINE OF THE EAST HALF OF THE NORTHEAST QUARTER OF SAID SECTION 7 TO THE CENTERLINE OF DUNDEE ROAD BEING AT THE NORTHWEST CORNER OF THE EAST HALF OF THE NORTHEAST QUARTER OF SAID SECTION 7; THENCE NORTH ALONG THE WEST LINE OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 6 TO THE POINT OF BEGINNING, IN COOK COUNTY, ILLINOIS. COMMON BOUNDARY DESCRIPTION Generally described as follows: The proposed TIF District extends east-west along Dundee Road. Most parcels in the proposed TIF District are adjacent to two intersections: Dundee Road and Arlington Heights Road, and Dundee Road and Old Arlington Heights Road. -�i�..�� J�.:�� .�;-Iii{.irr�.i�.t Pir��..;t -i=..:�:{'t,��r �I� l�rhu t!<1,��, HiPIf140 0ll {EEtHNt000 PD I, � . W$Op�R� '�,. o � 2 ' i � SMrrfutrl,eSiWre i BV.rpIOG��vef(vJhSrl:w! '� .. ... t ._ , .. 0 a : > i t... .. � �.... .. . .._ .I i ._._. : . ,. ..... -;unnou m.. . , .� . ., �.,f.tlnon eu :, �� . { �.� � ... �� _..._ ... �� .,,:� # I i , I'I i ame�h'uee i. . . . 9 .. 1 Y d� � : �/ gpE�pp O ( ,'. 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" . _ �.. � , VILLAGE OF BUFFALO GROVE, IL 2023 Buffalo Grove Dundee Road TIF District Redevelopment Project Area Tax Increment Financing District Eligibility Report and Redevelopment Plan and Project DRAFT REPORT � May 4, 2023 � SBFRIEDMAN � . . � � . � � VILLAGE OF BUFFALO GROVE, IL 2023 Buffalo Grove Dundee Road TIF District Redevelopment Project Area Tax Increment Financing District Eligibility Report and Redevelopment Plan and Project May 4, 2023 5 B FRIEDMAN DEVELOPMENT ADVISORS, LLC 70 West Madison St., Suite 3700, Chicago, IL 60602 T: 312.424.4250 F: 312.424.4Z62 E: info@sbfriedman.com Contact: Geoff Dickinson T: 312-384-2404 E: gdickinson@sbfriedman.com VILLAGE OF BUFFALO GROVE, IL 2023 Buffalo Grove Dundee Road TIF District Redevelopment Project Area Tax Increment Financing District Eligibility Report and Redevelopment Plan and Project Table of Contents SECTION PAGE 1. Introduction........................................................................................................................... ................................................ .............1 2. Eligibility Report................................................................................................................................................................................8 3. Redevelopment Plan and Project..............................................................................................................................................13 Appendix 1: Limitations of the Eligibility Report and Consultant Responsibilities.......................................................24 Appendix2: Glossary.........................................................................................................................................................................25 Appendix 3: Proposed Dundee Road RPA Boundary Legal Description...... .................................................................27 Appendix 4: List of PINs in Proposed Dundee Road RPA........... ............................................................................ .... ....29 LIST OF MAPS PAGE Map1: Community Context............................ ....... ..... ..................................................................................................................5 Map2: Proposed RPA Boundary...................................................................................................................................................6 Map3: Existing Land Use....................................................................................................................................................................8 Map4: Deterioration ... ...................................................................................................................................................................12 Map5: Proposed Future Land Use............. ................................................................................................................................ .15 S B FRIEDMAN DEVELOPMENT ADVISORS, LLC 70 W Madison St., Suite 3700, Chicago, IL 60602 T: 312.424.4250 F: 312.424.4262 E: info@sbfriedman.com ,,. ._ . � ._�-�iYl � ,,;�� _ ,�,� n , , iii 1. Introduction The Village of Buffalo Grove (the "Village") seeks to establish a tax increment financing ("TIF") district to serve as an economic development tool and promote the revitalization of land in the southwestern portion of the Village, along Dundee Road. The Village engaged SB Friedman Development Advisors ("SB Friedman") in February 2023 to conduct a redevelopment project area feasibility study and prepare a redevelopment and project. This document serves as the Eligibility Report and Redevelopment Plan and Project(together,the"Report")for the proposed 2023 Buffalo Grove Dundee Road TIF District Redevelopment Project Area ("Dundee Road RPA" or the "RPA"). Section 2 of the Report, the Eligibility Report, details the eligibility factors found within the proposed RPA in support of its designation as a "conservation area" for improved land, within the definitions set forth in the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4--1 et seq., as amended (the"Act"). Section 3 of this Report,the Redevelopment Plan and Project(the "Redevelopment Plan"), outlines the comprehensive program to revitalize the proposed RPA, as required by the Act. Redevelopment Project Area The proposed Dundee Road RPA is located within the Village in Cook County(the"County"), as shown on Map 1. The proposed RPA comprises approximately 107 acres of land, including 89 acres within 23 parcels, and 18 acres of right-of-way.The proposed RPA extends east-west along Dundee Road Most parcels in the proposed RPA are adjacent to two intersections: Dundee Road and Arlington Heights Road, and Dundee Road and O�d Arlington Heights Road, as illustrated in Map 2. The proposed RPA consists of a mix of commercial, civic/institutional,and open space uses,as shown in Map 3.The proposed RPA contains:two shopping centers, each with multiple retail tenants; Buffalo Grove High School, including the school building and recreational amenities that serve the school; four parcels associated with three former auto dealerships that are currently untenanted; Bison Park; and one standalone retail property. Determination of Eligibility This Report concludes that the proposed Dundee Road RPA is eligible for designation as a "conservation area" for improved land, per the Act.There are 20 buildings in the proposed RPA,across 12 parcels. For the purposes of analysis, in a previously developed area, parcels that include side yards or parking lots related to an adjacent building are considered "improved". Therefore, all parcels are considered "improved" in this analysis. CONSERVATION AREA FINDINGS 20z2 data from the Cook County Assessor indicated that 15 out of 20 (i5%; of the primary structures in the proposed RPA are aged 35 years or older. This satisfies the requirement that 50%or more of the structures in the area have an age of 35 years or more. Further, the following four (4) eligibility factors have been found to be present to a meaningful extent and reasonably distributed throughout the proposed RPA: 1. Deterioration; 2. Inadequate Utilities; i „ .. �� . , . .. ... . _,. . .. .... .. .�f'.�s�.t ., F��.. .._ . . , , . . ... 3. Presence of Structures be�ow Minimum Code Standards; and 4. Excessive Vacancies. These factors are defined under the Act at 65 ILCS 5/11-74.4-3-(a) and (b) and are more fully described in Appendix 2. � Based on the age of primary structures in the proposed RPA and the presence of four(4) eligibility factors,the proposed RPA qualifies under a "conservation area” finding (age of structures plus at least three eligibility factors). SUMMARY OF ELIGIBILITY FINDINGS SB Friedman found that the proposed RPA qualifies as a "conservation area,"with 75°/o of the primary structures within the proposed RPA at least 35 years of age or older, and four (4) of the thirteen (13) eligibility factors were found to be present to a meaningful extent and reasonably distributed within the proposed RPA. These conditions hinder the potential to redevelop the proposed RPA and capitalize on its unique attributes. The proposed RPA will benefit from a strategy that addresses the challenges of aged structures, inadequate utility infrastructure, deterioration, and excessive vacancies to facilitate the overall improvement of its physical condition. Redevelopment Plan Goal, Objectives and Strategy GOAL.The overall goal of the Redevelopment Plan and Project is to reduce or eliminate conditions that qualify the proposed RPA as an improved "conservation area",and to provide the direction and mechanisms necessary to redevelop the proposed RPA as a vibrant mixed-use district. Redevelopment of the proposed RPA is intended to revitalize the area, strengthen the economic base, and enhance the Village's overall quality of life. OBJECTIVES. The following six (6) objectives support the overall goal of revitalization of the proposed RPA: 1. Facilitate the physical improvement and/or rehabilitation of existing structures and fa4ades within the proposed RPA, and encourage the construction of new commercial, residential, civic/cultural, and public development, where appropriate; 2. Foster the replacement, repair, construction and/or improvement of public infrastructure, where needed, to create an environment conducive to private investment; 3. Provide resources for streetscaping,landscaping and signage to improve the image,attractiveness and accessibility of the proposed RPA, create a cohesive identity for the proposed RPA and surrounding area, and provide, where appropriate, for buffering between different land uses and screening of unattractive service facilities such as parking lots and loading areas; 4. Facilitate the assembly and preparation, including demolition and environmental clean-up,where necessary, and marketing of available sites in the proposed RPA for redevelopment and new development by providing resources as allowed by the Act; 2 5. Support the goals and objectives of other overlapping plans, including the Village of Buffalo Grove Comprehensive Plan published in 2009 (the "2009 Comprehensive Plan"), as well as existing, pending, and subsequent amendments to the 2009 Comprehensive Plan. 6. Coordinate available federal,state and local resources to further the goals of this Redevelopment Plan and Project. STRATEGY. Redevelopment and rehabilitation of the proposed RPA is to be achieved through an integrated and comprehensive strategy that leverages public resources to stimulate additional private investment. The underlying strategy is to use TIF, as well as other funding sources, to reinforce and encourage further private investment. Financial Plan ELIGIBLE COSTS. The Act outlines several categories of expenditures that can be funded using incremental property taxes. These expenditures, referred to as eligible redevelopment project costs, include all reasonable or necessary costs incurred or estimated to be incurred and any such costs incidental to this Redevelopment Plan pursuant to the Act. ESTIMATED REDEVELOPMENT PROJECT COSTS. The estimated eligible redevelopment project costs of this Redevelopment Plan are $95 million'.The total of eligible redevelopment project costs provides an upper limit on expenditures that are to be funded using tax increment revenues, exclusive of capitalized interest, issuance costs, interest and other financing costs. EQUALIZED ASSESSED VALUE OF PROPERTIES IN THE PROPOSED RPA.The 2021 EAV(the most recent year in which assessed values and the equalization factor were available) of all taxable parcels in the proposed RPA is $22,259,249. By tax year 2046 (collection year 2047), the total taxable EAV for the proposed RPA is anticipated to be approximately$83 million. Required Tests and Findings The required conditions for the adoption of this Redevelopment Plan and Project are found to be present within the proposed Dundee Road RPA: 1. The proposed RPA is approximately 107 acres in size and thus satisfies the requirement that it be at least 1.5 acres; 2. Limited private investment has occurred in the proposed Dundee Road RPA over the last five yea rs; 3. Without the support of public resources, the redevelopment objectives for the proposed RPA would most likely not be realized. Accordingly, "but for" the designation of a TIF district, these projects would be unlikely to occur on their own; 4. The proposed Dundee Road RPA includes only those contiguous parcels of real property that are expected to benefit substantially from the proposed Redevelopment Plan and Project; 3 5. The Redevelopment Plan conforms to and proposes land uses that are consistent with the 2009 Comprehensive Plan, as well as existing, pending, and subsequent amendments to the 2009 Comprehensive Plan, and other relevant plans; 6. The Village certifies that no displacement will occur as a result of activities pursuant to this Redevelopment Plan. Therefore, a Housing Impact Study is not required under the Act; and 7. The Redevelopment Plan is estimated to be completed, and all obligations issued to finance redevelopment costs shall be retired no later than December 31, 2047, if the ordinances establishing the proposed RPA are adopted during 2023. a , ,..:x� , �, .I , ��' , ._,� . _.�. . _. . T ,�� .:[. ., .��.t'., , �I�...., I .,.�. Map 1: Community Context �z ; a, � ' z p �3 z c� � 0 z _ ^ _�1.<E'LOunh,' s O L�.�IIK: .JI.!1��; n,� _ — � � � � � � � _ _ _ _ � _ _ . . ... �� y CUNDEE RG � _ � 'I�L�Y�.^ _ � \ � 53 � \ � \ QProposed Dundee Road RPA � � � Village of Buffalo Grove Source Village of Buffalo Grove,Cook County 5 � � Ni No�oa� = i o / y 0 � m O C Z . ... .. ..— ..._._._ O 3 0 s W _ ` � ` _ 7 D I I ( I � .-__.-.._ ....l. . �---"-`--' Ol! S1H913H N019NIlHtl O70 � O ' � I V � � m y � _ � I a � _ 0 I o i � 0 m ___ _ �� ON S1N913H N019NI18tl � w O Ia� eC T C W � � � � � Z V _ � � _ , � c O � V > G ai —�\� W > : �� a \ > O n J l7 j O m � a .__• - 7 p ' C� o _-- = O W - _ - � .- � -_ . - _ .� � .. Q _ _ f6 ._. _ � _-'�,',.,... > 4J i _ 7 � � � _ I � Ni N�oa� �- � � �° m � z — _ _ _ - -- o T �u ': 3 0 m - _ — _— �_ _ W � Z � ! / ___ __ . " ��-��-"'��—��- ON StH919H N019NtlHtl Ol0 O C 0 � O 3 V W a O m i � W O O t I m _ � I � 0 � � � m � ' i � . 1_ __._ .. . _.. .. _./ - _ TJ OM S1H913H N019NIletl y __ LL m I _ = w � � � r � y .-- _ ' O U_ _ � � ' � c O D o v � W _ v � � o - —-_---�. � > � � ��_ g i� , � - � J 2 = � Q S 7 � m _ Q .... _._ — , - � _ W y _ 6 ._ — _ _ - : 5 R �. � � _ � � � x, a% _ ? ` o � 2. Eligibility Report This report concludes that the proposed Dundee Road RPA is eligible for designation as a "conservation area" for improved land, per the Act. Provisions of the Illinois Tax Increment Allocation Redevelopment Act Under the Act, two (2) primary avenues exist to establish eligibility for an area to permit the use of TIF for redevelopment: declaring an area as a "blighted area" and/or a "conservation area." "Blighted areas" are those improved or vacant areas with blighting influences that are impacting the public safety, health, morals, or welfare of the community, and are substantially impairing the growth of the tax base in the area. "Conservation areas" are those improved areas that are deteriorating and declining and soon may become blighted. A description of the statutory provisions of the Act is provided below. Factors for Improved Areas According to the Act, "blighted areas" for improved land must demonstrate at least five (5) of the following eligibility factors, which threaten the health, safety, morals or welfare of the proposed district. "Conservation areas" must have a minimum of 50% of the total structures within the area aged 35 years or older, plus a combination of three (3) or more additional eligibility factors that are detrimental to the public safety, health, morals or welfare, and that could result in such an area becoming a "blighted area."The following are eligibility factors for improved areas: • Dilapidation • Inadequate Utilities • Obsolescence • Excessive Land Coverage and • Deterioration Overcrowding of Structures and • Presence of Structures below Minimum Community Facilities Code Standards • Deleterious Land Use or Layout • Illegal Use of Individual Structures • Environmental Clean-Up • Excessive Vacancies • Lack of Community Planning • Lack of Ventilation, Light or Sanitary • Lack of Growth in EAV Facilities A definition of each factor is provided in Appendix 2. Methodology Overview SB Friedman conducted the following analyses to determine whether the proposed Dundee Road RPA is eligible for designation as a °conservation area", per the Act: • Parcel-by-parcel field observations and photography documenting external property conditions; • Analysis of historical EAV trends for the last six years (five year-to-year periods) for which data are available and final (2017-2021)from the Cook County Assessor's Office; • Review of building age data from the Cook County Assessor's Office; a . .i , ...,, , ., . ._._ .. . „ . � .. .I{ .. i, .� , . . .�. • Review of parcel-level GIS shapefile data provided by the County; • Review of municipal and county codes, building permit records (2018-2022), and code violation records as of February 2023; • Review of a memorandum provided by the Village regarding locations, ages and conditions of water, stormwater and sanitary sewer infrastructure; and • Review of current and prior comprehensive plans provided by the Village (from 1973, 1981, 1986, and the current plan from 2009). SB Friedman examined all parcels for qualification factors consistent with the requirements of the Act. SB Friedman analyzed the presence or absence of each eligibility factor on a building-by-building, parcel-by- parcel basis and/or aggregate basis as applicable. The building and parcel information was then plotted on a map of the proposed RPA to determine which factors were present to a meaningful extent and reasonably distributed throughout the proposed RPA. Conservation Area Findings Based upon the conditions found within the proposed RPA at the completion of SB Friedman's research, it has been determined that the land within the proposed RPA meets the eligibility requirements of the Act as a "conservation" area." Of the 20 primary structures in the proposed RPA, 15 primary structures (75%) are 35 years of age or older. SB Friedman's research indicates that the following four (4) factors are present to a meaningful extent and reasonably distributed throughout the proposed RPA: 1. Deterioration 2. Inadequate Utilities 3. Presence of Structures below Minimum Code Standards 4. Excessive Vacancies Each eligibility factor that is present to a meaningful extent and reasonably distributed throughout the proposed RPA is summarized below. Map 4 illustrate the distribution of those eligibility factors found to be reasonably distributed on a building-by-building and/or parcel-by-parcel basis within the proposed RPA by highlighting each parcel or building where the respective factors were found to be present to a meaningful degree. 1. DETERIORATION The Act defines deterioration as defects induding, but not limited to, major defects in the secondary building components such as doors, windows, porches, gutters and downspouts, and fascia. With respect to surface improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking, and surface storage areas evidence deterioration including but not limited to, surface cracking, crumbling, potholes, depressions, loose paving material, and weeds protruding through paved surfaces. Physical deterioration was observed on 19 parcels of 23 parcels (83% of parcels), as shown on Map 4 below. The most common form of deterioration was on surface improvements, including on parcels and along adjacent rights-of-way. Catalogued surface improvement deterioration included cracks in infrastructure, alligatoring of pavement, and potholes on parking lots, alleys, and roads. There were also seven parcels that exhibited building deterioration, including instances of water damage on building fascia, a broken downspout, a crumbling foundation, and broken windows. Deterioration of buildings and surface improvements can make 9 it appear as though the proposed RPA lacks investment and can make it more difficult to attract new businesses or consumers. This factor was found to be meaningfully present and reasonably distributed throughout the proposed RPA. 2. INADEQUATE UTILITIES The Act defines inadequate utilities as underground and overhead utilities, such as storm sewers and storm drainage, sanitary sewers, water lines, and gas, telephone and electrical services,which are: 1. Of insufficient capacity to serve the uses in the proposed RPA; 2 Deteriorated, antiquated, obsolete or in disrepair; or 3. Lacking within the redevelopment project area. Based on a memorandum provided by, and conversations with the Village, the stormwater sewer systems throughout the proposed RPA, including both privately and publicly owned infrastructure, are on average 40 years old. None of these systems was designed to current standards, which were adopted in 2014. Based on these conditions,the inadequate utilities factor was found to be present to a meaningful extent and reasonably distributed throughout the proposed RPA. 3. PRESENCE OF STRUCTURES BELOW MINIMUM CODE STANDARDS Per the Act, structures below minimum code standards are those that do not meet applicable standards of zoning, subdivision, building, fire and other governmental codes. The principal purpose of such codes is to protect the health and safety of the public, including residents, workers and visitors in the proposed RPA. The memorandum provided by the Village indicated that the stormwater sewer systems throughout the proposed RPA, which includes both privately and publicly owned infrastructure, are on average 40 years old and were not designed to current 2014 standards. The presence of structures below minimum code standards, and the cost to upgrade "grandfathered" structures to meet modern codes may also reduce the overall competitiveness and economic viability of the area.Thus,we found this factor is present to a meaningful extent and is reasonably distributed throughout the proposed RPA. 4. EXCESSIVE VACANCIES The Act defines excessive vacancies as the presence of buildings that are unoccupied or underutilized and that represent an adverse influence on the area because of the frequency, extent or duration of the vacancies. The proposed RPA contains primarily retail uses, so this section will focus on retail vacancies. According to CoStar, a commercial real estate data provider, as of March 2023, 13% of the total retail space within the proposed RPA is vacant. This is nearly double the rate of the retail vacancy of the broader market (within a 15-minute drive of the proposed RPA (7%)). We believe that the proposed RPA's relatively high retail vacancy represents an adverse influence on the area. This factor was found to be meaningfully present and reasonably distributed throughout the proposed RPA. �0 Summary of Findings SB Friedman found that the proposed RPA qualifies to be designated as a "conservation area" for improved land, with 75% of the structures within the proposed RPA at least 35 years of age or older, and four (4) of the thirteen (13) eligibility factors present to a meaningful extent and reasonably distributed within the proposed RPA. 11 Map 4: Deterioration HAPPFIEID DR BEECHWOOD RD . WEIDf,�ER RD O I C H � Snuthnwre Syuare I x , euryalo Grove High Schoo! i.. __ __� � �I _l __ � � ' _ Z � �___ _ ___ �__ ____ __ DUNDEE RD a �� DUNDEE RD � � ___—� ' � , ¢ i N H _ � I Plaz Verde I W � I _ ' Z � Bison Pa�k �' BOEGER DR � � ti i � � Z �� VILLA VERDE DR � . . Z < O O � / LL O I � / y ��1`�Illilc�� I � �.�i.I��'� �_I F�ai<rl,w�irir�.:r��nui.3ti�.0 r�,�., ��.n�i ' f H'ai��I�,wiiFre�iet�nui,ifi<�n wdti nu�fiiuri�l Source:Villaye of Buffalo Grove,Cook County,Esri,SB Friedman 12 3. Redevelopment Plan and Project This document describes the comprehensive redevelopment program proposed to be undertaken by the Village to create an environment in which private investment can reasonably occur. The redevelopment program will be implemented over the 23-year life of the proposed RPA. If a redevelopment project is successful, various new projects will be undertaken that will assist in alleviating blighting conditions and promoting rehabilitation and development in the proposed RPA. Redevelopment Needs of the Proposed RPA Currently, the proposed RPA is comprised of parcels that are characterized by a failure to meet current code standards, a lack of private investment, deterioration, inadequate utilities, and aged buildings with excessive vacancies. These conditions reduce the value of the properties in the area and make the proposed RPA less competitive,overall,with property in other communities,thus limiting local area employment and development opportunities, and contributing to the lack of new investment in the proposed RPA. The existing conditions for the proposed RPA suggest six (6) major redevelopment needs: 1. Capital improvements that further the objectives set forth in this Redevelopment Plan; 2. Site preparation, environmental remediation and stormwater management; 3. Redevelopment of underutilized parcels; 4. Streetscape and infrastructure improvements, including utilities; 5. Rehabilitation of existing buildings; and 6. Resources for commercial, residential, public/private institutional, community facility, park/open space, and utility development. The goals, objectives and strategies discussed below have been developed to address these needs and facilitate the sustainable redevelopment of the proposed RPA. GOAL, OBJECTIVES AND STRATEGY GOAL.The overall goal of the Redevelopment Plan and Project is to reduce or eliminate conditions that qualify the proposed RPA as an improved °conservation area",and to provide the direction and mechanisms necessary to redevelop the proposed RPA as a vibrant mixed-use district. Redevelopment of the proposed RPA is intended to revitalize the area, strengthen the economic base, and enhance the Village's overall quality of life. OBJECTIVES.The following six (6) objectives support the overafl goal of revitalization of the proposed RPA: 1. Facilitate the physical improvement and/or rehabilitation of existing structures and fa4ades within the proposed RPA, and encourage the construction of new commercial, residential, civic/cultural and recreational development, where appropriate; 2. Foster the replacement, repair, construction and/or improvement of public infrastructure where needed, including public utilities, public park and recreational facilities, sidewalks, 13 �. . �� , .. , .:. . . ._ . { . , .. . .. . . ..., .. . .. . . ,. .. . } ..� , ,... .... � 'i- , .. .�i.A`. streets, curbs, gutters, underground water and sanitary systems, and stormwater detention of adequate capacity to create an environment conducive to private investment; 3. Facilitate the renovation or construction of stormwater management systems and flood control within the proposed RPA; 4. Provide resources for streetscaping, landscaping and signage to improve the image, attractiveness and accessibility of the proposed RPA, create a cohesive identity for the RPA and surrounding area, and provide, where appropriate, for buffering between different land uses and screening of unattractive service facilities such as parking lots and loading areas; 5. Facilitate the assembly and preparation, including demolition and environmental clean-up, where necessary, and marketing of available sites in the proposed RPA for redevelopment and new development by providing resources as allowed by the Act; and 6. Support the goals and objectives of other overlapping plans, including the Vitlage's 2009 Comprehensive Plan as well as existing, pending, and subsequent amendments to the 2009 Comprehensive Plan, and coordinate available federal, state and local resources to further the goals of this Redevelopment Plan and Project. STRATEGY. Redevelopment and rehabilitation of the proposed RPA is to be achieved through an integrated and comprehensive strategy that leverages public resources to stimulate additional private investment. The underlying strategy is to use TIF, as well as other funding sources, to reinforce and encourage further private investment. Proposed Future Land Use The proposed future land uses within the proposed RPA,as shown in Map 5, are consistent with the long-term objective of this Redevelopment Plan. The mixed-use designation is meant to allow for a variety of uses throughout the proposed RPA consistent with the Village's Comprehensive Plan as amended. The mixed-use designation allows for the following uses: • Commercial • Office • Residential • Civic/Cultural • Public 14 Map 5: PrOpO5eC1 Fulu�r� l.��n�! Us� MAPPFIELD DR BEECHWOOD RD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . WEIDNER RD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p . . . . . . . . . . . . . . . �.. . . . . . . . . . . . . . . N .. . . . . . . . . . . . . . . F. . . . . . . . . . . . . . . SI. . . . . . . . . . . . . . . . . . . . . . .��. � I. . . . . . . . . . . . . . . . . . . . . . . . � sr��,�n��rr,q„�,�2 • • .• x• ' ��iilv�dq�J��Yk�yn'��nL�,i' , ' , ' , ' , ' ' ' . ' . ' ' , ' ' ' ' ' ' ' . . � . � . . � . . . ._. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. o �. . . . . . . . . . . . . . . . . . . . . . . . . . . . . -. .�. . . . . . . . . . . . . . . . . . .� . . . . . . . ..� . � . � . � . � ..�_L.��. � � . . . � . . . . . . . . . . . � . . . . _ . . � . . . . ` � . . . . . . . . . . . . . . � . . a. • . • • • • • •DtlNeEE•ND • • • a • • • • • • • • • • • • • • • • • • I9UTIDEE RD• • • • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .—. . .. . . . . . . . . p , . . . . �. . . . . . . . . . . . . . . . . . . . . . . K . . . . . . . � . . . . . . . . . . . . . . . . � . . . . . . . . . . . . .— . . . . . . . . . . � . . . . . . . . . . . . . . . . . . . . . . y . . . . . . . . . . . . . . . . . . . . . . . � . . . . . . . . . . f . . . . ' _ ' _ ' . ' , 'P�a'z�luei�c . ' . ' . ' . ' . ' , ' . ' W ' , ' , ' , ' , ' . � . . � . � . � . � . _ . . . . . . . . . . . . 2 . � Biswi Pal . . . . . . . . . . . . . . BOEGER DR Q . . . . . . , . . . . . . . . . . . . . . . . . � . . . . . . . � . . . . . . . . . . . . . . . . . � Z • . . . . . . ; . . . . . _ VIL�A VERDE DR Q •I • � � � � � Z G . . . . . y� . . � � i . . . . , . . . . � V il',Ill��i'�. � Q!'� , ,,.r�i RPA � �.i.��is � Mi,��f Uses Source:Villaye of Buffalo Grove,Cook County 15 .�.i[.�. . .,, . , , ._.., .. . � r ., , ..�k � t . �.: , i .(; . _. isi. Financial Plan ELIGIBLE COSTS The Act outlines several categories of expenditures that can be funded using tax increment revenues. These expenditures, referred to as eligible redevelopment project costs, include all reasonable or necessary costs incurred or estimated to be incurred, and any such costs incidental to this Redevelopment Plan pursuant to the Act. The Village may also reimburse private entities for certain costs incurred in the development and/or redevelopment process. Such costs may include,without limitation, the following: 1. Costs of studies, surveys, development of plans and specifications, and implementation and administration of the Redevelopment Plan including, but not limited to, staff and professional service costs for architectural, engineering, legal, financial, planning or other services (excluding lobbying expenses), provided that no charges for professional services are based on a percentage of the tax increment collected, as more fully set forth in 65 ILCS 5/11-74.4-3(q)(1). 2. The costs of marketing sites within the proposed RPA to prospective businesses, developers and i nvestors. 3. Property assembly costs, including but not limited to, acquisition of land and other property, real or personal, or rights or interests therein, demolition of buildings, site preparation, site improvements that serve as an engineered barrier addressing ground-level or below-ground environmental contamination, inciuding, but not limited to parking lots and other concrete or asphalt barriers, and the clearing and grading of land as more fully set forth in 65 ILCS 5/11-74.4-3(q)(2). 4. Costs of rehabilitation, reconstruction, or repair or remodeling of existing public or private buildings, fixtures and leasehold improvements,as more fully set forth in 65 ILCS 5/11-74.4-3(q)(3); and the costs of replacing an existing public building if pursuant to the implementation of a redevelopment project, the existing public building is to be demolished to use the site for private investment or devoted to a different use requiring private investment. 5. Costs of the construction of public works or improvements, subject to the limitations in Section 11- 74.4-3(q)(4) of the Act. 6. Costs of job training and retraining projects, including the costs of "welfare to work" programs implemented by businesses located within the proposed RPA, as more fully set forth in 65 ILCS 5/11- 74.4-3(q)(5). 7. Financing costs, including but not limited to all necessary and incidental expenses related to the issuance of obligations and which may include payment of interest on any obligations issued hereunder including interest accruing during the estimated period of construction of any redevelopment project for which such obligations are issued and for not exceeding 36 months thereafter and including reasonable reserves related thereto. 8. To the extent the municipality by written agreement accepts and approves the same, all or a portion of a taxing district's capital costs resulting from the redevelopment project necessarily incurred or to be incurred within a taxing district in furtherance of the objectives of this Redevelopment Plan. 16 9. An elementary, secondary or unit school district's increased per pupil tuition costs attributable to net new pupils added to the district living in assisted housing units will be reimbursed, as further defined in the Act. 10. A library district's increased per patron costs attributable to net new persons eligible to obtain a library card living in assisted housing units, as further defined in the Act. 11. Relocation costs to the extent that the municipality determines that relocation costs shall be paid or is required to make payment of relocation costs by federal or state law, or by Section 11-74.4-3(n)(7) of the Act. 12. Payment in lieu of taxes, as defined in the Act. 13. Costs ofjob training, retraining, advanced vocational education or career education, including, but not limited to, courses in occupational, semi-technical or technical fields leading directly to employment, incurred by one or more taxing districts, as more fully set forth in 65 ILCS 5/11-74.4- 3(q)(10). 14. Interest costs incurred by a developer, as more fully set forth in 65 ILCS 5/11-74.4-3(q)(11), related to the construction, renovation or rehabilitation of a redevelopment project provided that: a. Such costs are to be paid directly from the special tax allocation fund established, pursuant to the Act; b. Such payments in any one year may not exceed thirty percent (30%) of the annual interest costs incurred by the developer with regard to the development project during that year; c. If there are not sufficient funds available in the special tax allocation fund to make the payment pursuant to this provision, then the amounts so due shall accrue and be payable when sufficient funds are available in the special tax allocation fund; d. The total of such interest payments paid, pursuant to the Act, may not exceed thirty percent (30%) of the total of: (i) cost paid or incurred by the developer for the redevelopment project; and (ii) redevelopment project costs exduding any property assembly costs and any relocation costs incurred by the municipality, pursuant to the Act; e. For the financing of rehabilitated or new housing for low-income households and very low- income households, as defined in Section 3 of the Illinois Affordable Housing Act, the percentage of seventy-five percent (75%) shall be substituted for thirty percent (30%) in subparagraphs 14b and 14d above; and f. Instead of the interest costs described above in paragraphs 14b and 14d, a municipality may pay from tax incremental revenues up to fifty percent (50%) of the cost of construction, renovation and rehabilitation of new housing units (for ownership or rental) to be occupied by low-income households and very low-income households, as defined in Section 3 of the Illinois Affordable Housing Act, as more fully described in the Act. If the units are part of a 17 :��:'s!. :i . . . ::-� .. , .� . . `� .�.. � J .. . �, i ._. . .. . . __ �..;Y .i, k' , .. residential redevelopment project that includes units not affordable to low- and very low- income households, only the low- and very low-income units shall be eligible for this benefit under the Act. Unless explicitly provided in the Act,the cost of construction of new privately-owned buildings shall not be an eligible redevelopment project cost. If a Special Service Area is established pursuant to the Special Service Area Tax Act, 35 ILCS z35/0.01 et seq., then any tax increment revenues derived from the tax imposed pursuant to the Special Service Area Tax Act may be used within the proposed RPA for the purposes permitted by the Special Service Area Tax Act as well as the purposes permitted by the Act. ESTIMATED REDEVELOPMENT PROJECT COSTS The total eligible redevelopment project costs define an upper expenditure limit that may be funded using tax increment revenues, exclusive of capitalized interest, issuance costs, interest, and other financing costs. The totais of line items are not intended to place a limit on the described expenditures. Adjustments to the estimated line-item costs are expected and may be made administratively by the Village without amendment to this Redevelopment Plan,either increasing or decreasing(ine-item costs because of changed redevelopment costs and needs. Each individual project cost will be re-evaluated in light of projected private development and resulting incremental tax revenues as it is considered for public financing under the provisions of the Act. The estimated eligible costs of this Redevelopment Plan are shown in Table 3. Additional funding in the form of state and federal grants, private developer contributions, and other outside sources may be pursued by the Village as a means of financing improvements and facilities within the proposed RPA. T�af�le 3: EsUrn<�ted TIF-E1ic il�i��> €;,>di-'�,elo�in�tnt P�o ect Co�ts . . . • - •. . . Administration and Professional Service Costs $500,000 Site Marketin Costs $500,000 Pro ert Assembl and Site Preparation Costs $20,000,000 ' Costs of Buildin Rehabilitation $12,500,000 Costs of Construction of Public Works or Improvements $31,000,000 Costs of Job Trainin or Retrainin (Businesses) $100,000 Financin Costs $100,000 Taxin District Capital Costs $10,000,000 Pa ments in Lieu of Taxes $100,000 Costs of Job Trainin (Communit Colle e) 5100,000 Interest Costs (Developer or Pro ert Owner) 5100,000 TOTAL REDEVELOPMENT PROJECT COSTS [2] [3] [4] $75,000,000 18 t ;'::I ,�.. ..,,n- � 1 ,.. ,.- . , ��. ,_.. ,., �.. .. ,. ., ..,, , .,, ,. , ~- ,; ......, .. ._ , .. ,_... .� : , ..,. ..� _., .. .. ,,.,,..:- � :, ., ,.�: -,-.<. r ,. ,,: , ::I ;.. .:�:� � .�. .;.s.: .. -,�,.. . .::�� ,.� , � � . . , . , _ , . .. ,... .� , �I; . ,. .� ... � �� _ _ ._. � . , cti ._,;;I�: , , , _ , _ , _ . , ... a.:'._,.,�.., . _ ,..,.. . .. .. .,I.. ...,. y :x^� , . � _�. .,......, _�:, r. �.. . • _ , „ ,. . _ . ..� . ,. - �I,.. �� .,. , ... ., ,,., . 3''\ '.,,- .-.,..�,..i� ..:P`_'J . �X:.� ;:� . ..i.�.. ":^�:_�,,,.., �t��. .. .. . :��. �. .,.. .. . .. .. .. C�:::C��.. � \ ��...: � . .J� . .'. ' .. ,. . , . , . , '� , .. .. . , •il are in 2023 dollars � ..: �; ..,. : c, � ,`te ,,, ..,"^, ., .;_� ...;I `I:: , .`I:r, ,... �., _,.. .. - .... � ��, ,_� �,- �, ��- - - - . .. , f . ,.� : — , .�, ,,,J . ,.. .. � ,_ _�. . .. , ..,..: ., ... ,..., , :..�_� .... �. ,, �.,. ., ,,, . ,. � .,. _ - ,. . , _. . � . . ..... . . ..... . . .. �..�_..> > - -„ : � ;:;I;' . .,: �� „ : " , -,.-.-:� -,.,., =�.c:" I J_ _ _ . ' PHASING, SCHEDULING OF THE REDEVELOPMENT,AND ESTIMATED DATES OF COMPLETION Each private project within the proposed RPA receiving TIF benefits shall be governed by the terms of a written redevelopment agreement entered into by a designated developer and the Village of Buffalo Grove. This Redevelopment Plan is estimated to be completed, and all obligations issued to finance redevelopment costs are estimated to be retired, no later than December 31 of the year in which the payment to the Village provided in the Act is to be made with respect to ad valorem taxes levied in the twenty-third calendar year following the year in which the ordinance approving this proposed RPA is adopted. This Redevelopment Plan is estimated to be completed, and all obligations issued to finance redevelopment costs shall be retired no later than December 31, 2047, if the ordinances establishing the proposed RPA are adopted during 2023. SOURCES OF FUNDS TO PAY COSTS Funds necessary to pay for redevelopment project costs and/or municipal obligations,which may be issued or incurred to pay for such costs, are to be derived principally from tax increment revenues and/or proceeds from municipal obligations, which have as a repayment source tax increment revenue. To secure the issuance of these obligations and the developer's performance of redevelopment agreement obligations, the Village may require the utilization of guarantees, deposits, reserves, and/or other forms of security made available by private sector developers. The Village may incur redevelopment project costs that are paid from the funds of the Village other than incremental taxes, and the Village then may be reimbursed for such costs from incremental taxes. The tax increment revenue, which will be used to fund tax increment obligations and eligible redevelopment project costs, shall be the incremental real property tax revenues. Incremental real property tax revenue is attributable to the increase of the current EAV of each taxable lot, block, tract or parcel of real property in the proposed RPA over and above the certified initial EAV of each such property. Other sources of funds,which may be used to pay for development costs and associated obligations issued or incurred, indude land disposition proceeds, state and federal grants, investment income, private investor and financial institution funds, and other sources of funds and revenues as the municipality and developer may deem appropriate. The proposed RPA may be or become contiguous to or be separated only by a public right-of-way from, other redevelopment areas created under the Act(55 ILCS 5/11 74.4 4 et.seq.).The Village may utilize net incremental property tax revenues received from the proposed RPA to pay eligible redevelopment project costs, or obligations issued to pay such costs, in other contiguous redevelopment project areas,or those separated only by a public right-of-way, and vice versa. The amount of revenue from the proposed RPA made available to 19 support such contiguous redevelopment project areas,or those separated only by a public right-of-way,when added to all amounts used to pay eligible redevelopment project costs within the proposed RPA, shail not at any time exceed the Total Redevelopment Project Costs described in Table 3 of this Redevelopment Plan. ISSUANCE OF OBLIGATIONS To finance project costs, the Village may issue bonds or obligations secured by the anticipated tax increment revenue generated within the proposed RPA, or such other bonds or obligations as the Village may deem as appropriate. The Village may require the utilization of guarantees, deposits or other forms of security made available by private sector developers to secure such obligations. In addition, the Village may provide other legally permissible credit enhancements to any obligations issued pursuant to the Act. All obligations issued by the Village pursuant to this Redevelopment Plan and the Act shall be retired within the timeframe described under "Phasing, Scheduling of the Redevelopment, and Estimated Dates of Completion" above. Also, the final maturity date of any such obligations that are issued may not be later than 20 years from their respective dates of issue. One or more of a series of obligations may be sold at one or more times in order to implement this Redevelopment Plan. The amounts payable in any year as principal and interest on all obligations issued by the Village shall not exceed the amounts available from tax increment revenues, or other sources of funds, if any, as may be provided by ordinance. Obligations may be of parity or senior/junior lien nature. Obligations issued may be serial or term maturities, and may or may not be subject to mandatory, sinking fund or optional redemptions. In addition to paying redevelopment project costs, tax increment revenues may be used for the scheduled and/or early retirement of obligations, and for reserves and bond sinking funds. MOST RECENT EQUALIZED ASSESSED VALUE OF PROPERTIES IN THE PROPOSED RPA The purpose of identifying the most recent EAV of the proposed RPA is to provide an estimate of the initial EAV for the purpose of annually calculating the incremental EAV and incremental property taxes of the proposed RPA.The 2022 EAV(the most recent year in which final assessed values and equalization factor were available) of all taxable parcels in the proposed RPA is approximately $28,600,000. This total EAV amount by property index number ("PIN") is summarized in Appendix 4 The EAV is subject to verification by the Cook County Assessor's Office. After verification, the final figure shall be certified by the Cook County Clerk, and shall become the "Certified Initial EAV" from which all incremental property taxes in the proposed RPA will be calculated by the County. ANTICIPATED EQUALIZED ASSESSED VALUE By tax year 2046 (collection year 2047), the total taxable EAV for the proposed RPA is anticipated to be approximately$83 million. Impact of the Redevelopment Project This Redevelopment Plan is expected to have short- and long-term financial impacts on the affected taxing districts. During the period when TIF is utilized, real estate tax increment revenues from the increases in EAV over and above the Certified Initial EAV (established at the time of adoption of this document) may be used 20 to pay eligible redevelopment project costs for the proposed RPA. To the extent that real property tax increment is not required for such purposes, revenues shall be declared surplus and become available for distribution annually to area taxing districts in the manner provided by the Act.At the time when the proposed RPA is no longer in place under the Act, the real estate tax revenues resulting from the redevelopment of the proposed RPA will be distributed to all taxing district levying taxes against property located in the proposed RPA. These revenues will then be available for use by the affected taxing districts. DEMAND ON TAXING DISTRICT SERVICES AND PROGRAMS TO ADDRESS FINANCIAL AND SERVICE I M PACT In 1994, the Act was amended to require an assessment of any financial impact of a redevelopment project area on, or any increased demand for service from, any taxing district affected by the redevelopment plan, and a description of any program to address such financial impacts or increased demand. Replacement underutilized buildings and sites with active and more intensive uses may result in additional demands on services and facilities provided by the districts.Given the preliminary nature of this Redevelopment Plan, specific fiscal impacts on the taxing districts and increases in demand for services provided by those districts cannot accurately be assessed within the scope of this Plan. At this time, no special programs are proposed for these taxing districts.The Village intends to monitor development in the area and should demand increase, the Village intends to work with the affected taxing districts to determine what, if any, program is necessary to provide adequate services. The following taxing districts presently levy taxes on properties within the proposed RPA: • Cook County • Cook County Consolidated Elections District • Cook County Forest Preserve • Wheeling Township . Wheeling Township General Assistance • Wheeling Township Road • Village of Buffalo Grove • Wheeling Community Consolidated School District 21 • Arlington Heights Township High School District 214 • Harper Community College District 512 • Buffalo Grove Park District • Metropolitan Water Reclamation District of Greater Chicago • Northwest Mosquito Abatement District • Indian Trails Public Library District z1 ; ,; , _. _ � ... _. . . , ,. _ . , , Required Tests and Findings As a part of establishing the proposed RPA,the following additional findings must be made: FINDING 1: LACK OF GROWTH AND DEVELOPMENT THROUGH PRIVATE INVESTMENT The Village is required to evaluate whether the proposed RPA has been subject to growth and development through private investment and must substantiate a finding of lack of such investment. Limited private investment has occurred in the proposed RPA during the past five years (2017-2022), as demonstrated by the following: • LIMITED CONSTRUCTION-RELATED PERMIT ACTIVITY. Building permit data provided by the Village indicates there has only been limited private investment in the proposed RPA in the last five years. Since 2018, the Village has issued building permits associated with approximately $2.8 million of improvements in the proposed RPA. Larger projects included interior remodeis, surface area improvements, and minor exterior improvements. There were no new construction projects during that time. Thus, the proposed RPA has not been subject to growth and development through investment by private enterprise. Finding.•The proposed RPA, on the whole, has not been subject to growth and development through investment by private enterprise. FINDING 2: "BUT FOR..." REQUIREMENT The Village is required to find that the proposed RPA would not reasonably be anticipated to be developed without the adoption of this Redevelopment Plan. Without the support of public resources,the redevelopment objectives for the proposed RPA would most likely not be realized. The investments required to update and maintain buildings exhibiting deterioration, inadequate utilities, excessive vacancies, and structures that are below minimum code throughout the proposed Dundee Road RPA are extensive and costly, and the private market, on its own, has shown little ability to absorb all of these costs. Public resources to assist with public improvements and project-specific development costs are essential to leverage private investment and facilitate area-wide redevelopment. Finding.� eut for the adoption of this Redeve(opment Plan, critica( resources wifl be lacking to support the reclevelopment of the proposed RPA, and the proposed RPA woufd not reasonab(y be anticipated to be developed. FINDING 3: CONTIGUITY No redevelopment project area can be designated unless a plan and project are approved prior to the designation of the area; and the area can only include those contiguous parcels that are to be substantially benefited by the proposed redevelopment project improvements. Finding.�The proposed RPA indudes on(y those contiguous parcels of real property that are expected to benefit substantially from the proposed Redevelopment Plan and Project. 22 FINDING 4: CONFORMANCE TO THE PLANS OF THE VILLAGE The Redevelopment Plan and Project must conform to the comprehensive plan for the development of the municipality as a whole. All aspects of this Redevelopment Plan are in agreement with, but subservient to, the 2009 Comprehensive Plan, as well as existing, pending, and subsequent amendments to that plan,which include the proposed RPA. Finding This Redevelopment Plan conforms to and proposes predominant land uses that are consistent with the Vil(age's Comprehensive Plan. FINDING 5: HOUSING IMPACT AND RELATED MATTERS As set forth in the Act, if a redevelopment plan for a redevelopment project area would result in the displacement of residents from 10 or more inhabited residential units, or if the redevetopment project area contains 75 or more inhabited residential units and a municipality is unable to certify that no displacement will occur, the municipality must prepare a Housing Impact Study and incorporate the study into the Redevelopment Plan and Project document. Finding SB Friedman found that there are no housing units within the proposed RPA. The Vi(lage hereby certifies that no displacement will occur as a result of activities pursuant to this Redevelopment P(an. Therefore, a Housing Impact Study is not required under the Act. FINDING 6: ESTIMATED DATES OF COMPLETION As set forth in the Act, the redevelopment plan must establish the estimated dates of completion of the redevelopment project and retirement of obligations issued to finance redevelopment project costs. Finding The estimatecl dates of comp(etion of the project and retirement of obligations are described in "Phasing and Scheduling of the Redevelopment" above. This Redevelopment Plan is estimated to be completed, and aff obfigations issued to finance redevelopment costs shall be retired no (ater than December 31, 2047, if the ordinances estab(ishing the proposed RPA are adopted during Z023.. Provisions for Amending Action Plan This Redevelopment Plan and Project document may be amended pursuant to the provisions of the Act. Commitment to Fair Employment Practices and an Affirmative Action Plan The Village of Buffalo Grove hereby affirms its commitment to fair employment practices and an affirmative action plan. 23 Appendix 1: Limitations of the Eligibility Report and Consultant Responsibilities The Eligibility Report covers events and conditions that were determined to support the designation of the proposed Redevelopment Project Area ("RPA" or "TIF District") as a "conservation area" under the Act at the completion of our field research in February 2023 and not thereafter. These events or conditions include, without limitation, governmental actions and additional developments. This Eligibility Report, Redevelopment Plan and Project, (the "Report") summarizes the analysis and findings of the consultant's work, which, unless otherwise noted, is solely the responsibility of SB Friedman. The Village is entitled to rely on the findings and conclusions of the Report in designating the proposed RPA as a redevelopment project area under the Act. SB Friedman has prepared the Report with the understanding that the Village would rely (1) on the findings and conclusions of this Redevelopment Plan in proceeding with the designation of RPA and the adoption and implementation of this Redevelopment Plan; and (2) on the fact that SB Friedman has obtained the necessary information induding, without limitation, information relating to the equalized assessed value of parcels comprising the proposed RPA, so that the Report will comply with the Act and that the proposed RPA can be designated as a redevelopment project area in compliance with the Act. The Report is based on estimates, assumptions and other information developed from research of the market, knowledge of the industry, and meetings during which we obtained certain information. The sources of information and bases of the estimates and assumptions are stated in the Report.Some assumptions inevitably will not materialize, and unanticipated events and circumstances may occur. Therefore, actual results achieved will necessarily vary from those described in our Report, and the variations may be material. The terms of this engagement are such that we have no obligation to revise the Report to reflect events or conditions which occur subsequent to the date of the Report. These events or conditions include, without limitation,economic growth trends, governmental actions, additional competitive developments, interest rates and other market factors. However,we will be available to discuss the necessity for revision in view of changes in economic or market factors. Preliminary Tax Increment Financing (TIF) projections were prepared for the purpose of estimating the approximate level of increment that could be generated by proposed projects and other properties within the proposed TIF District boundary and from inflationary increases in value. These projections were intended to provide an estimate of the final equalized assessed value (EAV) of the proposed TIF District. As such, our report and the preliminary projections prepared under this engagement are intended solely for the Village's information, for the purpose of establishing a TIF District. These projections should not be relied upon for purposes of evaluating potential debt obligations or by any other person, firm or corporation, or for any other purposes. Neither the Report nor its contents, nor any reference to our Firm, may be included or quoted in any offering circular or registration statement, appraisal, sales brochure, prospectus, loan or other agreement or document intended for use in obtaining funds from individual investors, without prior written consent. 24 Appendix 2: Glossary Factors for Imp►�oved Lai�d Dilapidation. An advanced state of disrepair or neglect of necessary repairs to the primary structural components of buildings or improvements in such a combination that a documented building condition analysis determines that major repair is required or the defects are so serious and so extensive that the buildings must be removed. Obsolescence.The condition or process of falling into disuse.Structures have become ill-suited for the original use. Deterioration. With respect to buildings, defects including but not limited to, major defects in the secondary building components such as doors, windows, porches, gutters and downspouts, and fascia. With respect to surface improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking, and surface storage areas evidence deterioration including but not limited to,surface cracking,crumbling,potholes, depressions, loose paving material and weeds protruding through paved surfaces. Presence of Structures below Minimum Code Standards. All structures that do not meet the standards of zoning, subdivision, building, fire and other governmental codes applicable to property, but not including housing and property maintenance codes. Illegal Use of Individual Structures. The use of structures in violation of the applicable federal, state or local laws, exclusive of those applicable to the Presence of Structures below Minimum Code Standards. Excessive Vacancies. The presence of buildings that are unoccupied or underutilized and that represent an adverse influence on the area because of the frequency, extent or duration of the vacancies. Lack of Ventilation, Light or Sanitary Facilities.The absence of adequate ventilation for light or air circulation in spaces or rooms without windows, or that require the removal of dust, odor, gas, smoke, or other noxious airborne materials. Inadequate natural light and ventilation means the absence of skylights or windows for interior spaces or rooms and improper window sizes and amounts by room area to window area ratios. Inadequate sanitary facilities refers to the absence or inadequacy of garbage storage and enclosure, bathroom facilities, hot water and kitchens, and structural inadequacies preventing ingress and egress to and from all rooms and units within a building. Inadequate Utilities. Underground and overhead utilities, such as storm sewers and storm drainage, sanitary sewers, water lines, and gas, telephone, and electrical services that are shown to be inadequate. Inadequate utilities are those that are: (i) of insufficient capacity to serve the uses in the redevelopment project area, (ii) deteriorated, antiquated, obsolete, or in disrepair, or (iii) lacking within the redevelopment project area. Excessive Land Coverage and Overcrowding of Structures and Community Facilities. The over-intensive use of property and the crowding of buildings and accessory facilities onto a site Examples of problem 25 conditions warranting the designation of an area as one exhibiting excessive land coverage are: (i)the presence of buildings either improperly situated on parcels or located on parcels of inadequate size and shape in relation to present-day standards of development for health and safety, and (ii) the presence of multiple buildings on a single parcel. For there to be a finding of excessive land coverage,these parcels must exhibit one or more of the following conditions: insufficient provision for light and air within or around buildings, increased threat of spread of fire due to the close proximity of buildings, lack of adequate or proper access to a public right-of- way, lack of reasonably required off-street parking, or inadequate provision for loading and service. Deleterious Land Use or Layout.The existence of incompatible land use relationships, buildings occupied by inappropriate mixed-uses, or uses considered to be noxious, offensive or unsuitable for the surrounding area. Environmental Clean-Up. The proposed redevelopment project area has incurred Illinois Environmental Protection Agency or United States Environmental Protection Agency remediation costs for, or a study conducted by an independent consultant recognized as having expertise in environmental remediation has determined a need for,the clean-up of hazardous waste, hazardous substances, or underground storage tanks required by state or federal law, provided that the remediation costs constitute a material impediment to the development or redevelopment of the redevelopment project area. Lack of Community Planning. The proposed redevelopment project area was developed prior to or without the benefit or guidance of a community plan. This means that the development occurred prior to the adoption by the municipality of a comprehensive or other community plan, or that the plan was not followed at the time of the area's development. This factor must be documented by evidence of adverse or incompatible land use relationships, inadequate street layout, improper subdivision, parcels of inadequate shape and size to meet contemporary development standards, or other evidence demonstrating an absence of effective community planning. Lack of Growth in Equalized Assessed Value. The total equalized assessed value of the proposed redevelopment project area has dedined for three (3) of the last five (5) calendar years prior to the year in which the redevelopment project area is designated; or is increasing at an annual rate that is less than the balance of the municipality for three (3) of the last five (5) calendar years for which information is avaitable; or is increasing at an annual rate that is less than the Consumer Price Index for All Urban Consumers published by the United States Department of Labor or successor agency for three (3) of the last five (5) calendar years prior to the year in which the redevelopment project area is designated. Z6 Appendix 3: Proposed Dundee Road RPA Boundary Legal Description OF PROPERTY DESCRIBED AS: THAT PART OF SECTION 5, 6, 7 AND 8, TOWNSHIP 42 NORTH, RANGE 11 EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, DESCRIBED AS FOLLOWS: BEGINNING AT THE INTERSECTION OF THE NORTH LINE OF DUNDEE ROAD AND THE WEST LINE OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 6; THENCE EAST ALONG SAID NORTH LINE OF DUNDEE ROAD TO THE WEST LINE OF THE EAST 22 ACRES OF THE SOUTH 60 ACRES OF THE SOUTH HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 6; THENCE SOUTH ALONG LAST SAID WEST LINE TO THE NORTH LINE OF SAID DUNDEE ROAD; THENCE EAST ALONG SAID NORTH LINE OF DUNDEE ROAD TO THE EAST LINE OF THE WEST 200.0 FEET OF THE EAST 22 ACRES OF THE SOUTH 60 ACRES OF THE SOUTH HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 6; THENCE NORTH ALONG LAST SAID EAST LINE TO THE SOUTH LINE OF THE NORTH 470.0 FEET OF THE EAST 22 ACRES OF THE SOUTH 60 ACRES OF THE SOUTH HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 6; THENCE EAST ALONG LAST SAID SOUTH LINE TO THE WEST LINE OF ARLINGTON HEIGHTS ROAD SAID POINT ALSO BEING THE SOUTHEAST CORNER OF LOT 2 IN STRATHMORE WEST SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 20142938 IN COOK COUNTY, ILLINOIS; THENCE NORTH ALONG THE WEST LINE OF ARLINGTON HEIGHTS ROAD TO THE WESTERLY EXTENSION OF THE SOUTH LINE OF ARLINGTON HILLS IN BUFFALO GROVE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 19834936 IN COOK COUNTY, ILLINOIS; THENCE EAST ALONG LAST SAID SOUTH LINE OF ARLINGTON HILLS IN BUFFALO GROVE TO THE EAST LINE OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SAID SECTION 5; THENCE SOUTH ALONG LAST SAID EAST LINE OF THE WEST HALF OF THE SOUTHWEST QUARTER TO THE SOUTHWEST CORNER OF CHATHAM SUBDIVISION UNIT NO. 4, ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 85262907 IN COOK COUNTY, ILLINOIS; THENCE EAST ALONG THE SOUTH LINE OF LAST SAID CHATHAM SUBDIVISION UNIT NO. 4 TO THE WESTERN MOST CORNER OF DELACOURTE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 98513157 IN COOK COUNTY, ILLINOIS; THENCE EAST ALONG A SOUTH LINE OF SAID DELACOURTE SUBDIVISION TO A BEND IN THE WEST LINE OF SAID DELACOURTE SUBDIVISION; THENCE SOUTH ALONG THE WEST LINE OF SAID DELACOURTE SUBDIVISION TO THE SOUTHWEST CORNER OF SAID DELACOURTE SUBDIVISION BEING ALSO THE NORTH LINE OF DUNDEE ROAD; THENCE EAST ALONG THE NORTH LINE OF DUNDEE ROAD TO THE NORTHERLY EXTENSION OF THE WEST LINE OF MILL CREEK UNIT ONE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 20937795 IN COOK COUNTY, ILLINOIS; THENCE SOUTH ALONG SAID WEST z� LINE OF MILL CREEK UNIT ONE SUBDIVISION TO THE SOUTH LINE OF GRAND SPAULDING DODGE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 23752075 IN COOK COUNTY, ILLINOIS; THENCE WEST ALONG THE SOUTH LINE OF SAID GRAND SPAULDING DODGE SUBDIVISION AND ALSO THE SOUTH LINE OF GRAND SPAULDING DODGE RESUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 25344703, IN COOK COUNTY, ILLINOIS AND ALSO THE SOUTH LINE OF CRYSLER REALTY SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 88224282, IN COOK COUNTY, ILLINOIS TO THE WEST LINE OF OLD ARLINGTON HEIGHTS ROAD, BEING ALSO THE EAST LINE OF FREEDOM SMALL FARMS SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 12703394, IN COOK COUNTY, ILLINOIS; THENCE NORTH ALONG LAST SAID WEST LINE OF OLD ARLINGTON HEIGHTS ROAD TO THE SOUTH LINE OF DUNDEE ROAD; THENCE WEST ALONG THE SOUTH LINE OF DUNDEE ROAD TO THE NORTHEAST CORNER OF LOT 7 IN FREEDOM SMALL FARMS SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 12703394, IN COOK COUNTY, ILLINOIS; THENCE SOUTH ALONG THE EAST LINE OF SAID LOT 7 TO THE SOUTHEAST CORNER OF LOT 7 IN SAID FREEDOM SMALL FARMS SUBDIVISION; THENCE WEST TO THE SOUTHWEST CORNER OF SAID LOT 7 IN FREEDOM SMALL FARMS SUBDIVISION; THENCE NORTH ALONG THE WEST LINE OF SAID LOT 7 IN FREEDOM SMALL FARMS SUBDIVISION TO THE SOUTH LINE OF DUNDEE ROAD; THENCE WEST ALONG THE SOUTH LINE OF DUNDEE ROAD TO THE CENTERLINE OF ARLINGTON HEIGHTS ROAD; THENCE SOUTH ALONG THE CENTERLINE OF ARLINGTON HEIGHTS ROAD TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF BARBARA RESUBDIVISION BEING A RESUBDIVISION OF PART OF LOT 2 IN PLAZA VERDE UNIT ONE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 00818536, IN COOK COUNTY, ILLINOIS;THENCE WEST ALONG THE SOUTH LINE OF PLAZA VERDE UNIT ONE SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED AS DOCUMENT 23237770, IN COOK COUNTY, ILLINOIS TO THE WEST LINE OF THE EAST HALF OF THE NORTHEAST QUARTER OF SAID SECTION 7; THENCE NORTH ALONG THE WEST LINE OF THE EAST HALF OF THE NORTHEAST QUARTER OF SAID SECTION 7 TO THE CENTERLINE OF DUNDEE ROAD BEING AT THE NORTHWEST CORNER OF THE EAST HALF OF THE NORTHEAST QUARTER OF SAID SECTION 7; THENCE NORTH ALONG THE WEST LINE OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 6 TO THE POINT OF BEGINNING, IN COOK COUNTY, ILLINOIS. 28 Appendix 4: List of PINs in Proposed Dundee Road RPA . . , 1 03-08-101-025-0000 $2,574,668 2 03-OS-101-020-0000 $1,557,693 3 03-08-101-021-0000 $1,778,361 4 03-08-101-028-0000 $503,478 5 03-07-201-029-0000 $1,475,773 6 03-07-201-028-0000 $2,448,999 7 03-07-201-030-0000 $395,906 8 03-07-201-022-0000 $7,329,080 9 03-07-201-021-0000 $1,402,660 10 03-07-201-020-0000 $169,559 11 03-06-400-025-0000 $7,255,070 12 03-06-400-026-0000 $749,996 13 03-06-400-033-0000 $161,098 14 03-06-400-059-0000 $327,718 15 03-05-302-003-0000 $0 16 03-05-302-002-0000 $0 17 03-05-303-029-0000 $0 18 03-05-303-003-0000 $0 19 03-08-101-022-0000 $0 20 03-08-101-023-0000 $0 21 03-08-101-016-0000 $0 22 03-08-101-01Z-0000 $0 23 03-08-100-008-0000 $493,944 TOTAL $28,624,003 Source:Cook County, SB , 29