Representatives of local governmental taxing bodies voted Monday night to recommend approval of a plan to designate the Orland Park Place Mall a tax increment financing district.
The approval means the village and the developer will continue negotiating a TIF incentive package that would be worth $4.2 million plus interest to the developers
The tentative agreement calls for the real estate taxes on the 55-acre site to be frozen at current levels for up to 10 years. The plan proposes that TIF debt be paid off with certain tax revenue that is generated by the improvements.
Village Manager Rick Boehm said, “The mayor and the Village Board have been very concerned about the impact of the Orland Park Place Mall development on the local taxing bodies. We wanted it to be fair and equitable.”
The development company, Hiffman Shaffer Associates, Inc., of Chicago, plans to spend $32 million on the project at La Grange Road, south of 151st Street.
The company plans to demolish the central mall area of Orland Park Place in July and begin a reconstruction project by mixing and matching new stores with the three buildings that will remain.
