FAQ

Welcome to DestinationLakeZurich.com

With the recent passing of the development agreement between the VOLZ and Equity Services Group LLC (ESG), there is much work to be done as the planning stages begin. In order to keep the citizens of Lake Zurich abreast of the relevant issues regarding the redevelopment and its impact on Lake Zurich. Following may be found a FAQ section to some of the relevant issues for this new phase in the redevelopment.

If there are further questions please feel free to email us at: contact@destinationlakezurich.com.

How is the Village going to pay for all of this development? Won't this be ruinous to the Village's finances?

Unlike previous development efforts, the Village is not shouldering the brunt of the development expenses or upfront risk. Specifically, the Village’s expenses will be contingent upon the private development being conducted. Why is this important? This ensures that from a cash perspective, the burden to the Village is minimal and is always met by the incremental tax revenue from the new residents (not existing Lake Zurich residents), while the long term benefit from taxes, rents, fees, etc. is substantial.

It also removes the vast majority if not all of the development risk from the Village and places it on the private capital. In the end, if the project is even marginally successful it leads to substantial amounts of net-positive tax revenue to the Village.

Will development require additional TIF funds?

As noted above, any additional TIF funds – which would apply primarily towards public infrastructure - will only be raised once the private funds have taken the entire development to completion of the construction phase. Thus, taxes are already committed to the Village by the private investment capital until the homeowners and commercial renters assume ownership/occupancy and subsequently assume the tax obligation. More importantly, the taxes generated from the new development provide for not only retirement of the TIF, but many millions of dollars of taxes from new residents and business (not existing residents).

Isn’t this the same as previous development arrangements in the past that the Village has become involved with?

No. Past development agreements embodied little to no capital requirements and risk for the developers involved, and simultaneously put the taxes received from the TIF funds at greater risk. In this arrangement, the Village assumes no responsibility to outlay funds for the public infrastructure improvements until the private capital has created and perfected the assets that generate taxes to cover the public infrastructure. Thus, the Village does not shoulder the burden of potentially having no tax revenue should the private homes or commercial space remain unoccupied.

How is the public infrastructure of the Downtown going to handle all of this development?

The current public infrastructure cannot handle the development being undertaken, and will require substantial upgrades and rebuilding as part of any initiative. This is not only important, but critical to a valid and vibrant Downtown. All of these infrastructure improvements are provided by taxes raised by the new development, not via taxation of existing residents.

Will the lakeside / promenade property be available for public use?

Yes! The lakeside / promenade area will be one of the main focal points of new development and will be available for public usage. Plans call for significant expansion of the common elements within the promenade area, along with numerous other public spaces interspersed throughout the other areas of the downtown. Please see the Gallery and Concept Map sections of the website for more details.

I am concerned about the potential displacement of single-family homes as a result of this new development, what is being done on this front?

The redevelopment being undertaken in the downtown district involves almost no displacement of single-family residences. The development Blocks being worked on have only a handful of homes on them currently, which may or may not be involved in the development. Approximately 95% of the acreage being developed is currently either commercial, abandoned, or empty land.

What does all of this mean to the people of Lake Zurich?

It means that Lake Zurich will finally be able to fully capitalize on one of its greatest underutilized assets, its downtown! The creation of the form-based code, along with ESG’s work to develop some of the key parcels of the downtown, allow Lake Zurich to not only achieve a critical mass of energy, vitality, and development, but also to create a destination for people in the area to live, work, and play. New residents and tenants thus provide the taxes and economics to create this vibrant atmosphere, rather than relying on existing residents to shoulder the burden.

When will the planning be completed?

The planning phase, including the creation of the architectural codes was completed and the architectural form-based code was passed by the Village Board on December 15th, 2008.

The contractual agreement between the Village and ESG was approved on February 23rd, 2009, which allows for the development planning to move to the next phase.

When will development / construction take place?

Construction is likely to occur on various parcels within the downtown beginning in mid/late 2010. The development of the entire downtown area will occur over many years with many different parties as the Village achieves meaningful success.

Who are the parties involved with the planning / revitalization efforts at this phase?

Torti Gallas Partners and Rick Jolson AIA have been involved with the architectural planning. Equity Services Group is involved with the planning, financing, development, and working with the Village. Gewalt Hamilton Engineers is providing the engineering services. Please see the contact page for more information.

Will there be other parties involved with the revitalization efforts later on?

Yes. Various professional firms and individuals, some currently identified and some not, will be involved with the development. The creation of the architectural code of the Village will allow for the involvement of many developers, landowners, contractors, and related parties to be a part of the revitalization effort.

What is the different between this Master Plan and Form-Based Code and prior Village plans?

Most importantly, prior plans did not include a Form Base code and architectural guidelines for future development. This allows the Village to establish a consistent and visible approach to the uptown/downtown area, giving developers, architects, and contractors a clear vision of the parameters for proposed development in the area.

Where can a copy of this the architectural codes be found?

On this website, under “Documents/Presentations”: (http://www.destinationlakezurich.com/doc/Presentations/)

What is the role of the Village Architect that was described in the various Village meetings?

The Village architect, Mahender Vasandani of M Square Urban Designers, is a part-time third-party architect, hired to review proposed developments within the downtown/uptown area to ensure compliance with the Form Base code and architectural guidelines dictated by the approved plan.

Are the plans finalized?

Yes. The plans went through their final code revisions and were adopted by the Village Board on December 15th, 2008.

Now that Village has adopted the new codes, does that mean my home/property is in violation of Village codes and will need to be redeveloped?

No. The master plan and related code dictates what is required IF/WHEN development is proposed for the affected areas. In other words, if a landowner or developer wishes to develop their property, the plan will dictate the product and architectural characteristics such as massing, setbacks, etc. that will required for the development. Each Block within the form based code has been specifically analyzed to call out how each may be built out over time to protect the quality of future construction and how each of the final characteristics of each Block will mesh with the over-all intended “feel” of the village.

What are some of the benefits of having a form-based code for the Village?

  1. Less costly and time-consuming approval processes
  2. Increased attractiveness of the development zone to 3rd party developers due to clear requirements
  3. A consistent and controlled appearance, quality and function of the development zone
  4. Long term development congruency of the development zone
  5. Increased attractiveness of development zone versus other communities.

What sort of attractions are being developed for the uptown/downtown?

Within the primary blocks of the downtown area (referred to in the plans as Blocks A,B,C, and D) ESG and its affiliates will be working to develop:

A public promenade area, significantly larger than the current one, replete with shops and restaurants Numerous restaurants with indoor and outdoor seating A wine cellar / wine bar A boutique hotel A pier and waterfront area Wider sidewalks, parks, and fountains *Various small shops and cafes

I heard that the plans are calling for high-rise buildings in the downtown area, isn't that inconsistent with the Village and its history?

There are no high-rises proposed within the plan. The plans call for a building adjacent to the promenade that varies in height between two stories and four stories on the Village side of the land. From the lake side one structure will appear as five stories to accommodate the enlarged public promenade space, restaurants, and retail proposed for the lakefront. The rest of the Village (the vast majority) is proposed as two-to-three story structures with few carefully targeted areas that may be four stories, generally comprised of retail/flex space with one or two levels of residences above them. The overwhelming majority of the Village will be crafted to enhance and retain the "village feel" both from a size and architectural standpoint.

Will there be adequate parking with the influx of new people? How will parking be handled?

Parking will be built to accommodate very generous ratios in order to ensure sufficient parking for both residents and shoppers/visitors. Parking will be handled mainly via underground parking and later potentially a two-story parking deck near the current Village hall.

Won't all of these new shops/restaurants/residences create a lot of traffic?

Despite the existence of the bypass, approximately 93% of the traffic entering the downtown/uptown area is still cut-through traffic. Absent harsh measures, little can be done to mandate that this traffic go elsewhere. However, with careful planning, the dominance of the car within the downtown/uptown area can be pushed back towards a dominance for pedestrian traffic. This can be done with: narrower streets, flared curbs and intersections, modest on-street parking, raised intersections, roundabouts, street-front structures, and a variety of other methods. All of these measures are designed to slow the progress of traffic through town, create a more pedestrian-friendly environment, and decrease the ratio of cut-through to destination-traffic in the area.

Won't all of this construction in the downtown area be too disruptive?

While construction is certainly disruptive to normal village life, development will be phased, meaning that it will occur in smaller parts over a period of time rather than in one single construction effort. This will help mitigate the amount of disruption to the Village at any given time.

When will this website be updated?

Content and information will be updated on an ongoing basis as it becomes available.