- Economic Development
- Local Incentives
- Tax Increment Financing Districts
- Process to Establish TIFs
Process to Establish TIFs
At the Village Board’s 2015 strategic planning session, the Board decided that as part of a long-term strategy to maintain and enhance the Village’s revenue base, it is important to consider reinvestment tools that could improve our commercial and industrial areas. As a result, the Village released a Request for Proposals in November 2015, seeking a consultant to evaluate five areas within our community. These included the Village Market, three areas along 31st Street and the Barnsdale Industrial Corridor. SB. Friedman Development Advisors was the consultant selected.
SB. Friedman evaluated each of these areas to determine if they would qualify as a TIF District, what the appropriate boundaries would be, and how much the areas could potentially generate in tax increment revenue. SB. Friedman also provided financial projections related to the potential implementation of business districts in each of the five geographical areas.
- At the March 8, 2016 Village Board Work Session, SB. Friedman presented the results of the completed Feasibility Study.
- At the April 12, 2016 Village Board Work Session, the Village Board discussed the findings of the Feasibility Study. The Board indicated they would like to begin the process of implementing the two TIF districts (Village Market and 31st Street/Barnsdale Corridor) and proceed with implementing business districts across all commercial and industrial areas in the Village.
- At the May 24, 2016 Village Board Meeting, the Village Board approved a contract with SB. Friedman Development Advisors to provide with implementation of two TIF Districts (Phase 1) and four business districts (Phase 2) as recommended by staff. At the meeting, staff provided a presentation on the TIF process to-date.
- At the July 12, 2016 Village Board Work Session, the Village Board approved a contract with Kathleen Field Orr and Associates for legal services related to implementation of the two proposed TIF Districts and the four proposed Business Districts.
- At the September 27, 2016 Village Board Work Session, the Village Board adopted ordinances formally authorizing the completion of a Feasibility Study and Eligibility Report for the two proposed TIF Districts. These documents are required by the Illinois Tax Increment Allocation Redevelopment Act (TIF Act). The Board also adopted ordinance establishing "Interested Parties Registries," which are also required by the TIF Act.
- On October 1, 2016, the draft Feasibility Report and Redevelopment Project Area Plans for both the Village Market TIF and the 31st Street/Barnsdale TIF were released for public comment.
- At the October 25, 2016 Village Board Meeting, the Village Board adopted ordinances officially setting the date for the public hearing on both plans, which will occur on January 10, 2017 at 7:30 p.m. in the Village Hall Board Room.
- In November, the Village sent notices to all residents within the proposed TIF boundaries and all residents within 750' of the proposed boundaries, as required by the TIF Act. Over 2,500 households received notices. The Village also sent notices to the impacted taxing bodies and the members of the Joint Review Board, as required under the TIF Act.
- On December 7, 2016, the Village held the required Joint Review Board (JRB) meetings. One JRB meeting was held for each proposed TIF district. All impacted taxing bodies were invited to attend the meeting as well as members of the public. The JRB of each of the proposed TIF districts voted unanimously to recommend approval of the ordinances establishing the TIF Districts.
- On January 10, 2017 the Village Board held two public hearings, one for each of the proposed TIF districts. Both residents and business owners provided comment and asked questions during the public hearing. Overall, the feedback received from the community has been in support of both establishing the two TIF Districts.
- On January 24, 2017, the Village Board unanimously approved the adoption of six statutorily required ordinances establishing the two TIF Districts. The base year of the TIF Districts is 2015.