McHenry County Blog

The following page of Crystal Lake's Request for Qualifications lays out the opportunities,

"opportunies,,,(that) do not present themselves every day. Lakefront property with high accessibility, within a diverse and fast growth market, near transit and community services, and supported by tax increment financing...The economics of this development must work for both the developer and the community, and the City seeks a development partnet willing to "dream big" and build well.

The page outlines Crystal Lake's control of "a net developable area shared by public recreation uses and private market driven development of approximately 95 acres. An additional 31 acres of land adjacent to the site are held by owners who have expressed interest in incorporating their property into a unified Vulcan Lakes development.

Without limiting the possibilities, the City anticipates that the open space and recreation facilities on the site will be a natural supporter and compatible partner with restaurants, entertainment, banquet/clubs, recreational venues, and high quality residential uses. Property along Route 14 is most likely to succeed in retail commercial uses. Additional property overlooking the lake, accessible on South Main Street may be suitable for hotel, restaurant, and high quality residential uses.

Concernnig density, the RFQ says,

it recognizes that development densities will need to be commensurate with the overall scale of this project investment. The City will work closely with the developer to assure that the project sets a very high standard for place making, and that it makes a significant contribution to the character of the community.

The Tax Increment Financing district is discussed next:

The City...will use TIF funding to support the cost of infrastructure, public improvements and amenities for the site. As is the case in any TIF project, the greater the private investment in development, the greater the city's capacity to reinvest TIF project funds in the site. The TIF budget anticipates public costs of approximately $20 million in support of infrastructure, site preparation, and public recreation facilities.

Click to enlarge the following: