An Oak Lawn Village Board committee may consider the financial impact that a new condominium development would have on Ridgeland Elementary School District 122.
Trustee Robert Streit, who represents the district that includes the schools, this week asked that the village’s Legal and Ordinance Committee consider recommending impact fees on the developer of the condominium part of the new tax increment financing district near 95th Street and 51st Avenue.
When the village created the TIF in June, it froze the taxable value of the land. As a result, the school district could lose about $6,000 to $8,000 in annual revenue, said District 122 business manager Allen Smigiel.
Impact fees are designed to offset costs to public taxing bodies. Such costs are associated with population growth created by development.
