Took the vehicle to the dealer and they said my serpentine belt was old/loose and needed replaced along with the tensioner (noise which has been getting louder and louder). I replaced these items and the sound is about 10% quieter, but still remains. Now they think it might be the A/C compressor bearing making the noise now, but they won't install a new bearing, only a new compressor itself. The noise doesn't change whether I have the A/C on or off. They claim the balancer is fine and torqued properly.

Any ideas before I throw another $300 at this problem?

 

Changed the A/C compressor and the noise went away...