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Estimated Fiscal and Economic Impacts of the Proposed Herrick Woods Development in Warrenville, Illinois
Client: M/I Homes
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M/I Homes retained Gruen Gruen + Associates (GG+A) to estimate the fiscal and economic impacts of the proposed Herrick Woods development, a planned 74-unit residential project in Warrenville, Illinois.

GG+A evaluated the net fiscal impact of the development at build-out on the City of Warrenville General Fund. This included forecasts of property tax revenue, sales tax revenue, franchise fees, food and beverage tax revenue, state income tax revenue, and telecommunications tax revenue the project will generate for the local treasury. We also estimated the General Fund municipal expenditures likely to be induced by the proposed development, such as those for police, public works, and general government services. GG+A estimated the annual revenues to be generated by the proposed development on the Warrenville Library District, Warrenville Park District, and Warrenville Fire District. We also estimated the net fiscal impact of the proposed development on the Community Unit School District 200.

This fiscal impact analysis is based on a review City of Warrenville budgets and annual financial reports, information obtained from representatives of M/I Homes, and a review and analysis of secondary data sources. GG+A solicited input from City of Warrenville staff regarding how the proposed development would affect demand for and costs of public services and generate revenues for the City’s General Fund.

GG+A prepared a final report summarizing the impact analysis methodology, research completed, assumptions utilized, and resulting cost and revenue estimates. The final report identified the net fiscal impact of the development on the City's General Fund at build-out of the project. The municipality approved the report and approved the proposed the proposed Herrick Woods development.



 





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