Officials in River Forest are starting the process of creating a tax increment financing district on North Avenue, which would be the second TIF district created within the village in less than a year.
As the village works to finalize timelines, communications and draft reports, the village needed to set a proposed boundary for the TIF district. During the June 12 village board meeting, trustees reviewed the district’s proposed boundaries, and authorized village staff to proceed with the establishment process.
According to the village’s initial draft, the proposed TIF district would run along the south side of North Avenue between Thatcher and Harlem avenues, and would run several parcels deep.
“You can always bring that boundary in at a later date and it does not affect the process,” Village Administrator Eric Palm said. “You just can’t go further [out]. What you would do tonight is adopt this ordinance, and we’d complete our due-diligence matters.”
Some trustees asked why the proposed district includes some tax-exempt entities, but village officials said it was necessary to include them.
“It’s more an issue of continuity,” Palm said. “You can’t pull a property out and link it with the right-of-way. You have to have parcels.”
Officials also noted the tax exempt parcels would need to be included in the district in order to make them eligible for TIF-related expenses, which could include underground infrastructure and utility work.
The village previously approved a TIF district on Madison Street in November.
As part of the TIF district, the equalized assessed value of all properties within the TIF district would be “frozen” during the entire 23-year life of the district. Any taxes collected with incremental increases in those property values would be placed into the TIF fund, while all taxing bodies would continue to receive their share of the base EAV of those properties.
Money collected in the TIF fund could then be used to fund eligible redevelopment projects and improvements within the TIF district.
Trustees voted 5-0 to approve the initial North Avenue TIF ordinance. Trustee Respicio Vazquez, who works for a law firm representing River Forest District 90 and Oak Park and River Forest High School, recused himself from the discussion and vote.
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