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PROPOSED INTERGOVERNMENTAL AGREEMENT
Department: Department of Real Estate Management
Other Part(ies): Village of Schaumburg
Request: Request to Enter Redevelopment Agreement
Goods or Services: Describe what the County or other party is giving or receiving
Agreement Number(s): N/A
Agreement Period: One-time Agreement
Fiscal Impact: $10,500,000.00 (Revenue Generating)
Accounts: N/A
Summary: Requesting authorization for the Cook County Department of Real Estate Management to enter into a redevelopment agreement (RDA) with the Village of Schaumburg for the transfer of Cook County's District 1 Maintenance Facility to Schaumburg and the County’s acquisition of the property at 2222 Hammond Drive from the Village.
The agreement will facilitate the relocation of the County's District 1 Maintenance Facility from its current location at 2325 Meacham Road to the Subject Property at 2222 Hammond Drive.
The Village of Schaumburg will provide up to $10.5 million in Tax Increment Financing (TIF) funds to cover eligible costs, including land acquisition, demolition, site preparation, and relocation to the 2222 Hammond Drive site.
Upon completion of the redevelopment, the County will transfer ownership of its property at 2325 Meacham Road to the Village, with the Village taking responsibility for future commercial development at the site.
The project is designed to generate additional tax revenue for the Village and promote economic development as well as allow the County to construct a new maintenance facility for its District 1 operations.
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