I’ve been meaning to comment on this, but Cal Skinner beat me to it. Graydon Megan is reporting in the Chicago Tribune that the deal between Arlington Heights and Target Corporation is in the toilet.
“Target has realized, I think, with the passage of time, increased costs and the pending lawsuits, it doesn’t make economic sense for them to proceed under our own redevelopment agreement,” Village Atty. Jack Siegel said before the board meeting Monday night.
Target representative Brie Heath said the decision was based on economics.
“While we continue to be interested in an additional Target store in Arlington Heights, we have mutually agreed with the village to withdraw our project,” Heath said.
The village of Arlington Heights hasn’t actually cancelled the TIF district, but this hurts them a lot because they don’t have a buyer standing by for the property. I’ve seen other eminent domain projects fall apart when the money went away.
Ron Popp, an owner of Arlin-Golf Plaza, said the shadow of the TIF hanging over the area has kept his center nearly vacant.
He’s not kidding:
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| Larger ImageArlin-Golf Plaza |
“When they hear about a TIF, they back away,” he said of potential owners and tenants.
Popp has long disputed the designation of his property as blighted.
“Our [center] was completely rehabbed,” he said. “It’s kind of sad that they have to starve you out. I bet I could clear out Woodfield [shopping center] with the same tactics.”
Probably, once all the stores look like this Arlin-Golf vacancy:
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| Larger ImageVacant Storefront |
Part of the village’s justification for the TIF is the lack of tax revenue from the property. How much revenue have they lost due to the vacancies they helped create? How much did they spend to do the TIF study? How high is their legal bill?
Village sources said total project costs, including those related to the bond sale and legal expenses, have not been tabulated.
Yeah, that would probably be embarassing.
In response to complaints from tax district tenants and owners about a lack of concern for their future, village officials said they have worked with businesses in four other tax districts, helping them remain in a new development or relocate within the village.
God, the arrogance. The village helped businesses “remain in a new development.” Would that be a new development on the property the village had just taken from them? The property they had been using for years already before the village got involved?
Anyway, International Plaza remains standing for now.
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| Larger ImageInternational Plaza |
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