At their meeting of January 10, 2013, the Village Board will consider the adoption of a new TIF District within the Village. This TIF #5 will be around the intersection of Irving Park and Wise Roads. A map of the TIF and more information are included below. The full Irving Park Road East TIF #5 Redevelopment Plan and Project may be viewed here.
One important step the Village is taking to revitalize the Irving Park Corridor is the establishment of a new Tax Increment Financing district around the old Menards at Irving Park and Wise Roads (TIF #5). Through the TIF, increases in property taxes due to valuation over a 23 year period will be set aside to assist with improvements to the area. The goals of TIF #5 are to encourage managed growth, deter continuing deterioration, encourage preservation and redevelopment, and stimulate private investment in the TIF district. Significant property challenges that limit continued deterioration of the development may be addressed, such as building rehabilitation, as well as infrastructure improvements related to water service, water detention and roads. In order to encourage redevelopment, Village Staff shares information about the TIF district and other benefits of the area to potential businesses and developers. Staff notes that all properties within the TIF are commercial businesses and no additional tax will be imposed on them as a part of the TIF.
- If you would like to receive legal notices regarding the Village's TIF Districts, you may register for the TIF Interested Parties Registry here.
- TIF 5 - Irving Park Road East - Interested Parties Registry information may be found here.