Cornerstone’s impact on Grayslake and Lake County goes far beyond the jobs, residences, shopping and entertainment opportunities it creates. We specifically designed the project to create positive financial benefits for the schools that will serve the 650-acre mixed-use community.
Cornerstone will benefit local school districts’ financial health at a time when the tax revenues that support education are shrinking and teachers are being laid off in many communities. A true lifestyle development, Cornerstone is expected to generate $50 million in surplus revenues to Fremont Elementary School District 79, Mundelein High School District 120 and Grayslake High School District 127 over its 12-year development period. The school districts will continue to receive millions in annual tax benefits from Cornerstone once the development is completed.
Grayslake Mayor Tim Perry has been extremely supportive of Cornerstone throughout our approval process with the village. Perry notes that, “Cornerstone is the kind of development that until now, we could only dream of. During a time of little development anywhere, Grayslake and all of Lake County are very fortunate to be the focus of such economic stimulus.”
That economic stimulus is expected to total $2.2 billion.