Palatine looks at 'challenges' for largest business corridors
21.05.12
Palatine officials are trying to map out the future of the Rand and Dundee roads corridors and looking at a possible Tax Increment Finance district while trying to fight off an Illinois Department of Transportation plan they said would hurt businesses.
An outline of possible strategies to boost and retain business was presented to the Village Council Monday night. The council has been addressing long-term plans in a variety of areas, but the Rand and Dundee corridors are the most important economic engines in the village, officials said.
All of the top 10 sales tax generators for the village are located in the corridor, as well as 18 of the top 25. Those 18 businesses account for 42 percent of all sales tax revenue for Palatine, bringing in almost $4.8 million in 2010, according to data provided by the village.
“It’s very, very important to all of us,” said Deputy Village Manager Mike Jacobs.
There are, however, several challenges along the corridors. Tight or unusual lot configurations, proximity to homes, and site access due to concrete medians are some of the issues in the area, officials said. There is also a population issue in the village in general as — unlike nearby towns like Schaumburg, Elk Grove Village and Des Plaines — Palatine has a lower daytime population.
Source: TribLocal