The Waukegan Road/Golf Road tax increment financing district — Glenview’s only remaining open TIF — may close by the end of this year, according to village officials.
The Waukegan Road/Golf Road Tax TIF, established for the northeast corner of Waukegan and Golf roads in 2013, now includes a luxury apartment complex, a Mariano’s grocery store plus storefront and commercial buildings.
A TIF is an often controversial financing method used for redevelopment of geographic boundary areas identified for economic assistance.
After a June 20 Board of Trustees meeting, Glenview Deputy Village Manager Maggie Bosley said she was happy that the TIF is in a position to sunset.
“The Village is anticipating closing the Waukegan/Golf TIF at the end of this year, so the staff will be bringing forward for consideration the closure of that TIF to the board in a couple of months,” Bosley said. “It was very successful and it was always planned to be closed after about 10 years, so it’s right according to plan.”
Trustees passed two resolutions for the Waukegan Road/Golf Road TIF at the June 20 meeting, declaring the 2022 fiscal year ended with a surplus of more than $2.8 million, and then amending the fiscal year 2023 budget for the same amount.
This was the second consecutive year the TIF fund had a surplus which must be returned to Cook County and disbursed to taxing jurisdictions.
In 2021, the TIF had a positive balance of more than $6 million, exceeding the amount required to pay off bonds to sunset a TIF.
Glenview trustees in April 2013 established the TIF to spur redevelopment of the former Avon Products property on that northeast corner of Waukegan and Golf roads.
The Avon distribution center had been vacant since 2010 “without any viable prospects for reuse as an industrial facility” when the TIF was established in 2013, according to the Village website.
The initial developer of the 21 acres, Regency Centers, built the Mariano’s which opened in October 2014, plus Reserve at Glenview, a 239-unit, multistory residential apartment building plus other structures.
Reserve at Glenview was sold again at a sizable profit last year. The Glen Gate shopping center has also changed hands since it opened almost a decade ago.
Many shopping centers with Mariano’s as anchors in Chicagoland have been desirable to resale purchase investors, making news in commercial business transaction trade journals.
The village indicated the Waukegan/Golf TIF made possible funding for $3.5 million in infrastructure improvements, including traffic signal systems and turn lane modifications along intersections of Waukegan and Golf roads, plus Waukegan Road at Overlook Drive.
Tim Doron, Glenview village trustee, said the Waukegan Road/Golf Road TIF allowed traffic system infrastructure improvements since IDOT, the Illinois Department of Transportation, pushed back.
“But if we paid for the improvements with the TIF at Golf Road, they (IDOT) allowed us to do that,” Doron said.
“TIFs work where they’re appropriate,” Doron said. “They’re appropriate if you can really gain some appreciative value in land … but it shouldn’t, it should not cost the taxpayer a dime more.
“TIFs work very well in certain cases,” Doron said, pointing out the success of the TIF district to develop The Glen as a town center. The Glen TIF closed on Dec. 31, 2021.
TIFs can last up to 23 years. The Glen TIF was established in 1998 to redevelop the former Naval Air Station site.
“The Glen is a model,” Doron said.
Also considered on Tuesday was Glenview’s annual Comprehensive Financial Report for the fiscal year ending on Dec. 31, 2022 which had a surplus general fund balance of more than $46 million with an increase of more than $7 million from 2021.
“You don’t need a TIF if you’ve got 40 million dollars in cash,” said William Seitz, of Glenview, who was in the audience at Tuesday’s meeting. “It’s only a good idea if it’s a weak industrial or commercial base. Glenview’s not in that situation.”
The Village of Glenview confirmed on June 21 it is not considering a TIF for downtown Glenview. Neighbors, elected officials and existing business owners have long said Glenview Road lacks economic stability and vibrancy.
“A TIF is less transparent and more difficult to track,” Seitz said. “No part of Glenview is blighted.”
Karie Angell Luc is a freelance reporter for Pioneer Press.
