The Downers Grove Village Council gave the green light this week to a consulting firm to continue studying the feasibility of a tax increment financing district along Ogden Avenue.
Commissioners awarded a contract of up to $40,000 to Kane McKenna and Associates to complete the study, which began last June. The study, village officials said, will determine the boundaries of the proposed special taxing district, the amount that could be generated by it and how the village would use the funds.
Village Manager Mike McCurdy said the firm will also investigate the possibility of revenue sharing with the local school district.
Village officials have long been searching for ways to revitalize the commercial corridor. A plan for Ogden adopted by the Village Council in March 1999 called for researching the possibility of a TIF district. Commissioners said they will use information from the firm’s report to determine whether the village should move forward with establishing the district.
