But Aktipis [developer] now says he is doesn't have enough money to complete the revitalization, and has asked the Village Board to authorize the establishment of a special service area, or SSA.
Set over a 20-year period, the SSA would allow the developer to borrow up to $2.6 million. The project is slated to be completed in spring 2010. The SSA property tax would be paid by the tenants, which Aktipis pledges to work with by possibly lowering rent to offset the inflated tax bills.
The request comes on the heels of a drastic reduction in sales tax revenue, West Dundee's primary revenue stream over the years. While the village has cut dependence on sales tax in recent years -- from 60 percent down to 30 percent of its annual operating revenue
Click on the following for more details: Developer wants help to spiff up Gateway :: The Courier News :: Local News
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