At the regular board meeting at 7 p.m. Tuesday, Jan. 10, the Hazel Crest Board of Trustees will consider a contract with a consultant who will study the feasibility of establishing a tax increment financing district for the Calumet Country Club site.
The country club, formerly part of Homewood, is owned by Diversified Partners, an Arizona-based real estate firm that hopes to redevelop the property with a warehousing complex as the anchor business.
TIF districts are tools that help municipalities encourage development in areas that are economically stagnant by leveraging property value increases to fund infrastructure improvements, financial incentives and other measures designed to help economic growth.
The property currently is unincorporated, so Hazel Crest would need to annex it before creating a TIF district.
Diversified Partners attempted to start a warehousing development when the property was in the village of Homewood, but the village board denied the rezoning request and development plan. The village disconnected the property after Diversified Partners sued to force the separation.