The Campton Hills Village Board has set a public hearing for a proposed 962-acre annexation at 6 p.m. Thursday, Sept. 4, at Lord of Life Lutheran Church, 40W605 Illinois Route 38.

Developer Shodeen Group of Geneva is proposing LaFox of Campton Hills. It would have 900 homes - 700 to be single family – and 440 acres of open space, records show.

The 17-page updated annexation agreement includes the stipulation that the village or another entity might want to buy the 440 acres of open space within three years for slightly more than $12.3 million – or $28,067 per acre – to preserve it.

If nobody buys the 440 acres designated for open space, Shodeen can build houses, at a density of one house per acre, according to the agreement.

Among other stipulations in the proposed annexation agreement:

• Shodeen is to create a homeowners association to manage the development, and if it fails to maintain its open spaces or private infrastructure, the village will create a special service area, the agreement states.
• Streetlights will have to follow the village’s Dark Sky regulations.
• Shodeen is to pay $10,500 per permit registration for each dwelling in the planned-unit development with a schedule of increases of 3% in 2031 and 2032 and 5% in 2037, 2042 and 2047.
• The developer doesn’t have to pay the permit registration fee for the 100th through 105th dwelling units. Instead, the developer would pay the difference between $10,500 and the adjusted amount of the fee at the time.
• Shodeen is to pay the village $35,000 for its costs related to the annexation and development.
• The parties also acknowledge that village officials may seek to create a tax-increment finance district. A TIF is a development tool in which local property taxes are used to support specific public improvements within the district.
• Shodeen will have to install utilities and infrastructure such as water, sewer, storm sewer facilities and sidewalks.
• The agreement includes a separate five-page contract the developer has with Geneva District 304 for it to pay $6,800 per residential dwelling unit – $6.12 million – to increase by the consumer price index.
• And in the event that a TIF is created, the district will get a per-pupil expenditure of $18,000 to $19,000 per child per year, in addition to the $6.12 million.

The draft agreement is available online at camptonhills.illinois.gov.