Schaumburg and Motorola Solutions have finally called a truce in their long-running fight over tax-increment financing tied to the former Motorola campus. Under a settlement approved Tuesday, the village will pay the company just under $6.1 million in previously withheld reimbursements and has reduced the project’s reimbursable cap. The deal settles a dispute over how remote work and on-site headcounts should factor into incentive payouts.
As reported by Crain’s Chicago Business, Motorola sued after Schaumburg stopped making TIF reimbursements in late 2020. The settlement requires the village to release the withheld funds and cuts off the threat of more litigation between the two sides.
According to the Daily Herald, Schaumburg agreed to pay Motorola nearly $6.1 million and lowered the TIF’s maximum potential payout from $27 million to $23.5 million. In a joint statement, the parties said, ‘Motorola Solutions and the village of Schaumburg acknowledge the constructive efforts that led to this outcome and look forward to continuing a positive working relationship.’
Why the TIF Mattered
The tax-increment financing district was set up to help redevelop the former Motorola campus at Algonquin and Meacham roads and to fund infrastructure work over the life of the project, per the Village of Schaumburg. The Veridian redevelopment has been pitched as a mixed-use project that includes housing, office space, retail and public areas, all built around a strong daytime workforce to keep nearby merchants busy…