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Benefits to Bloomingdale 2017-08-29T16:50:31+00:00

Benefits to Bloomingdale

Shuttered golf courses have created challenges for local communities and given that over 800 have closed in the past decade, there are many examples of what can happen to the vacated property. In some cases, neighbors were saddled with skyrocketing assessments and maintenance bills. In other markets, as the property sat vacant for extended periods of time, uncertainty weighed on local property values.

Indian Lakes spent months to find an appropriate and compatible new use. The resort-at-home atmosphere of the Four Seasons at Indian Lakes proposal fits with the character of the neighborhood. The age-restricted, active lifestyle community also provides a needed housing option in Bloomingdale and DuPage County. There are few, ranch-style, maintenance free, single family housing options currently available for the aging baby boomer generation. The compatibility of the resort-at-home neighborhood provides an opportunity for Bloomingdale to quickly realize substantial financial, economic and quality of life improvements.

Local classrooms will benefit from an estimated $4 million in new annual property tax revenue, and because the neighborhood is age-restricted there will be no new costs to the districts.

Area businesses, including the nearby Stratford Square Mall, will benefit from $3.9 million in new local spending by the new residents of Four Seasons at Indian Lakes.

The neighborhood will also spur a significant investment in storm water management and open space improvements along the perimeter. Approximately $2 million will be spent to modernize storm water management across the 190-acre former course and establish the open space along the perimeter. The landscaping, naturalized basins, trees and grasses will be open-space for the entire community’s benefit. Approximately 2.5 miles of public pedestrian paths are proposed.

Converting the property from a vacated golf course, to a resort-at-home neighborhood consistent with the character of the community will benefit all Bloomingdale taxpayers.

By The Numbers

The transformation from a failed resort, to a resort-at-home neighborhood will deliver substantial economic benefits to all Bloomingdale taxpayers:

NEW MARKET VALUE

More than $225 million in new market value in the community.

$225 Million

A REFOCUSED HOTEL

Over $5 million spent to keep a hotel amenity in the community.

$5.1 Million

NEW REVENUE

At least $4.6 million in new annual net tax revenue for local governments.

$4.6 Million

INCREASED LOCAL CLASSROOM FUNDING

Schools will benefit from $4 million in new funding, with no new students.

$4 Million

MILLIONS FOR LOCAL BUSINESSES

Local businesses will benefit from an estimated $3.8 million in new spending by neighborhood residents

$3.8 Million

STORM WATER AND OPEN SPACE IMPROVEMENTS

$2 million will be spent to improve storm water management and create recreational open space buffers along the perimeter of the 190-acres.

$2 Million

SAVING EXISTING TAX REVENUE

The refocused hotel will continue to generate approximately $400,000 in annual tax revenue for the Village.

$400,000