A second proposal for a hotel at the Elk Grove Technology Park has fallen through after its developer, like the last one, was unable to obtain financing, village officials said.
Elk Grove promises TIF funds for new tech park hotel The $1 billion Elk Grove Technology Park being developed between Oakton Street and Higgins Road will include a 79-room hotel on a 1.7-acre parcel. The hotel developer recently secured an agreement for village funds for the project. Brian Hill | Staff Photographer
Updated 7/28/2021 8:07 PM
Elk Grove Village has promised a developer more than $1 million in tax increment financing funds and additional hotel tax rebates to open a lodge on the north end of the Elk Grove Technology Park.
The TIF reimbursement and redevelopment agreement between the village and Hiten Patel of Chattanooga, Tennessee-based Rivermont Hospitality replaces a similar deal inked in January 2020 with a different developer.