Village Approves Downtown TIF District, Considering New TIF District South of Lake Cook Road
The Village has established a TIF district for a portions of the Village’s downtown business district and Village Center and is now considering a second TIF district south of Lake Cook Road. The downtown TIF district is generally located between Hazel Avenue to the north and Deerfield Road to the south, and between Chestnut Street to the west and Rosemary Terrace to the east (“Target Area”). The Village does not anticipate that this Target Area will receive significant private investment leading to long-term growth without the creation of a TIF District.
The Village approved Tax Increment Financing Redevelopment Plan, pursuant to the TIF ACT, will enable the Target Area to overcome a number of redevelopment barriers. Kane McKenna and Associates, Inc (“KMA”) was retained by the Village to assist in drafting of the Redevelopment Plan. The Village authorized KMA to study the Target Area to determine whether it qualifies for consideration as a “redevelopment project area”. The proposed TIF District was found to have various qualification factors that would enable the Village to designate the Target Area as a “conservation area”, as defined in the TIF Act. Additional qualifying factors in the Target Area include stagnant or decline in EAV, obsolescence, deterioration of building and site improvements, deleterious layout, excessive vacancies, inadequate utilities, and lack of community planning.
For more information, contact Assistant Village Manager/Community Development Director Andrew Lichterman at email@example.com or 847.719.7403.