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LITH Approves Economic Incentives for Routes 31, 47 Corridors

The LITH Village Board approved an Economic Incentive Policy in an effort to lure businesses to prime property along routes 31 and 47.

 

Lake in the Hills leaders have their eyes on properties within the village that hold potential for economic development: Routes 31 and 47.

However, both areas have parcels currently void of water and sewer services.

In an effort to encourage development in the routes 31 and 47 corridors, the LITH Village Board last week approved an amendment to its Economic Incentive Policy.

The amendment establishes a sales tax sharing program and offers a 50-percent reduction in permit fees for an 18-month time period.

"We as a government are trying to make it easier for businesses to locate there," said Gino DiVivo, economic development coordinator for LITH.

On the village's far east side, DiVivo said the market conditions are trending toward retail businesses, not industrial as previously planned. The Walmart Supercenter and Pauly Toyota are key signs that Route 31 is a promising location for future business development, he said.

"Having those two stores exhibits the market strengths of that area," DiVivo said. "We're trying to promote that area to its greatest potential. We're not the land owners - it's all privately owned - but we're trying to facilitate the market conditions there to retail."

Across town, the Route 47 corridor on the far western side of the village is undeveloped. But DiVivo said the demographic profile in that area is good, and the market could serve as a destination area for certain businesses.

"Route 47 is pretty green, but now's the time for us to do all we can do to foster development in the future," he said. "Development would expand those (water and sewer) infrastructures, and we have significant frontage there.

The newly approved tax-sharing program and reduction in permit fees may be the key to motivate developers to located in the corridors, DiVivo said.

 

Darren Rivchin February 21, 2013 at 07:10 PM
might be a good idea to get in on the public land auction for the 80 acres next to walmart for sale.............

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