2009 Annual Operating and Capital Budget - Village of Huntley

VILLAGE OF HUNTLEY
TOLLWAY / INTERCHANGE FUND
As directed by the Village Board in May 2008, the FY 2009 budget includes the newly
established Tollway/Interchange Fund. The beginning fund balance of $3 million was
made possible by a $2 million transfer from the Village’s General Fund Unreserved Fund
Balance and a $1 million transfer from the Village’s Municipal Buildings Fund. The
primary future revenue source for the fund is $300,000 annually from the
Telecommunications tax collected by the Village.
The Village of Huntley remains the lead agency for the engineering component of the
project. Via an intergovernmental agreement with Kane and McHenry Counties, design
engineering for the project commenced in October 2008. Funds in the amount of
$760,000 are budgeted in 2009 to continue required engineering and lobbying for the
project.
Potential Economic Development Impacts of the Full Interchange Project are as follows:
• The interchange is a regional improvement that will open up thousands of
acres for office, research, light industrial and commercial retail development
not only in Huntley but also Elgin, Pingree Grove, Gilberts and Hampshire.
• With a full interchange, Huntley alone predicts to add 1.9 million square feet
of commercial/retail, 815,000 square feet of office and 2.5 million square feet
of light industrial development by the year 2030 which will create thousands
of new jobs.
• The interchange will create jobs which will benefit local residents by serving
as a regional employment hub. Using generally accepted employment
indicators the full interchange will create 5,000 commercial/retail jobs, 3,000
office jobs and 3,750 light industrial jobs by the year 2030.
• Randall Road at I-90 is an excellent example of the potential impact full
interchange access can generate. The City of Elgin estimates that there are
in excess of 10,000 daytime jobs in the vicinity of the Randall/I-90
interchange.
• As illustrated by the Randall Road model, a full interchange creates jobs, and
these jobs lead to increased spending within the region by employees,
creating spin-off growth in support jobs and sales tax revenue.
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