The answer to that: Not necessarily for a variety of reasons. That doesn’t mean it won’t happen, but it is not likely.
This week we will focus on additional controversial questions such as: “Will development frenzy occur and change the face of our community in ways we may not want?”
The current real estate market doesn’t pose a threat of frenzy for anything other than attempts to sell property. In better times, however, property investments didn’t move very quickly in Warrenville. Proactive efforts via TIF 1 were made to create an investment market. The Cantera segment of town has done very well with little land remaining for new investment. As resale and re-leasing activity increase during the back end of the recession, an orderly process is occurring.
When ‘good times’ return, it is hoped that undeveloped land scattered throughout the community will attract development interest. The most likely parcels for early redevelopment are enveloped in the Sub-Area Planning districts long under consideration by the city. These planning efforts attempt to program the best use of the land parcels, and as such, run counter to development frenzy. An orderly process means wise land use, benefiting the community without creating areas of glaring, noisy or otherwise inappropriate business activity near residential areas.
One of the challenges for the Warrenville market is too few ‘rooftops’ or homes to constitute a desirable market base. Commercial interest in our market is thus limited. Cantera is a vastly different dynamic. It created its own market. Other areas in town need to provide a unique services or products in order to attract a broader demographic.market Otherwise, what commercial enterprises there are will continue to only serve primarily Warrenville residents.
Many wonder: “If the TIFs worked so well, is someone getting rich? And at what eventual cost to us, the Warrenville taxpayer?”
We can’t speak for those who bought property and buildings in Cantera; they should be doing well financially but we wouldn’t know for sure. However, the two developers, BP/Amoco and the City of
The nature of TIFs is to convert underused land to a larger economic purpose. Cantera is an excellent example--from an unused gravel pit to a commercial business center with both large and small employers, six hotels, 14 restaurants, a huge movie theater, a Super Target store and Life Time Fitness. And so much more, too in the form of medical providers, sports trainers, insurance corporations, world headquarters for International Truck and Engine, Excelon nuclear energy behemoth, BP/Amoco, etc.
Along the way, development funds have been returned to the city as TIF funds, which are usable only for community capital expense. Capital items include buildings, large pieces of equipment with a long life and that sort of thing. Think new police station, recreation center, city hall, library expansion. Also, hardscapes like street renovations, street lighting, water and sewer systems and the like. No operating costs are allowed from TIF funds with the sole exception of reimbursing the city for on-going TIF management
