The redevelopment of Cambridge Commons is drawing nearer, after Buffalo Grove officials approved an economic incentive agreement Monday that details how sales tax revenue will be allocated.
“We would anticipate some construction taking place in the coming weeks,” said Anne Marie Gaura, Buffalo Grove’s interim deputy village manager.
Redevelopment plans include Fresh Farms replacing Rogan’s Shoes as the anchor store.
Under the economic incentive agreement, Buffalo Grove will collect the first $85,000 in local sales tax generated by the grocery store. After that, sales tax revenue will be split evenly between the village and the developer, allowing the developer to recoup up to $1.1 million over an 11-year period.
Buffalo Grove will also reimburse the developer for up to $20,000 in building permit fees.
The redevelopment plans call for a new brick façade for the shopping center, located at the southeast corner of Dundee and Buffalo Grove roads.
The plans were presented to the village in August. By October, most of the tenants had vacated their storefronts. Only a couple of stores, include Rogan’s Shoes, are expected to remain in the Cambridge building, which will be reconfigured.
Village Manager Dane Bragg has said the redeveloped shopping center could generate $30 million in annual sales, a figure 10 times the current amount.