The Barrington 220 Board of Education sent a newsletter this evening with news regarding the Tax Increment Financing (TIF) District in the Village of Hoffman Estates known as Plum Farms.
The proposed development is a mixed-use plan that includes over 1,000 residential units. The area is currently part of both the Barrington 220 & Hoffman Estates District 300 school districts. The developer had been petitioning to get the Village of Hoffman Estates to make the area a Tax Increment Financing (TIF) District, allowing them to not pay the regular amount of taxes required of residences. School districts would be required to educate children moving into the development, without the benefit of the appropriate tax dollars to cover their educational expense.
In this evening's newsletter, Barrington 220 explained that they received communication from the Village of Hoffman Estates communicating:
"The Owners request that the Village of Hoffman Estates cease any
consideration of, and any further actions regarding, the proposed
'Route 72 and Route 59 Tax Increment Financing Redevelopment Plan and
Barrington 220 continued to explain that:
'This means that all future meetings to consider the approval of a TIF
district will be canceled, including the Joint Review Board meeting
scheduled for April 18 and the TIF hearing, tentatively scheduled for
May 1, 2017.'
Barrington 220 also stated that they will continue to work with Hoffman Estates District 300 and the developers of the property at Routes 59 and 72, "to promote a development that creates a responsible impact on our schools and taxpayers."