Schaumburg Revives Loeber Farm Redevelopment Plan

A long-contested slice of Schaumburg near the Rolling Meadows border is back in play, this time with fewer units and a potential tax boost to make the numbers work.

The village is set to kick off a public process next month that could extend a nearby tax increment financing district to cover the 33-acre Loeber Farm property, even as a revised residential plan heads to its first hearing. The Daily Herald reported that on Dec. 9 the village board will begin weighing whether to stretch its existing TIF district north of Algonquin Road.

The next day, the zoning board of appeals will take up Nitti Group LLC’s new proposal for 122 for-sale homes — a mix of single-family houses, row homes and townhouses. It’s a significant downshift from the 357-unit rental-heavy plan that sparked pushback from Rolling Meadows residents and officials last year. That version never reached a trustee vote.

The property, situated off Meacham Road near Algonquin Road, has a long history within the Loeber family, which is known for its luxury car dealerships. Purchased as a rural retreat, the site was used to raise racehorses and foster a countryside upbringing for the Loeber children.

Attempts to develop the land have been ongoing since 2002 but have repeatedly stalled, most recently in 2016 when a proposal for 92 homes was rejected. The revised plan from Nitti was proposed last year.

The Nitti plan carries an estimated $82 million price tag. Schaumburg is considering directing $4.8 million in TIF-eligible spending toward needed infrastructure, a fraction of the roughly $17 million the site is expected to generate before the district expires. The TIF is already 12 years old and could run only another decade, but officials say that’s enough time to produce the required revenue.

The Loeber land has drawn a parade of redevelopment concepts over the years, but none sought TIF help until now. The district already covers the Verdian redevelopment and the emerging entertainment pocket along Meacham Road.

Village officials said infrastructure challenges on the site have kept density high in past proposals. Elevation swings require a sanitary lift station. The creek needs a bridge stout enough to support fire trucks, a fix the mayor pegs at $1 million. Water and sewer extensions aren’t cheap either. Schaumburg’s economic development director has called these “extraordinary” costs — the kind TIF dollars are designed to offset.

Mayor Tom Dailly said the village wants the TIF and development tracks to move in tandem. He also argued the incentive could be the lever that finally brings the project’s scale in line with neighborhood expectations, adding the new plans provide an opportunity to reduce density.

A joint review board representing local taxing bodies will need to be reconvened as part of the extension process. With required notices baked in, the village board could vote on the TIF expansion as soon as March.

— Eric Weilbacher