Bartlett economic development officials say the village's downtown is ripe for another Tax Increment Financing district.
The village's economic development commission has been taking stock of the cosmetic needs downtown after more than five months of talks with business owners and Bartlett staff. The panel also has recommended more longer-term projects, including the creation of a pedestrian plaza.
Officials have not yet identified the boundaries for a possible TIF district, under which property tax payments to local taxing bodies such as school and park districts are frozen for up to 23 years. The village would than funnel any additional property tax revenues within the district into a special fund that can be used to help pay for improvements to the area.
Bartlett would need to hire a consultant to study whether the downtown is eligible for a TIF district, Community Development Director Jim Plonczynski told trustees during a recent planning meeting.
The consultant would weigh factors like blight and vacancy rates.
The last downtown TIF district expired in 2010 after a one-year extension by the village board to aid businesses taking a hit from the economic slump.
That district extended to North Avenue to the north, Prospect Avenue to the east, Devon Avenue to the south and Western Avenue to the west.