Proposed Rosemont TIF includes theater
Rosemont has taken the first step in creating what would be its ninth tax increment financing district.
Mayor Brad Stephens said the district would encompass the village-owned Rosemont Theatre and the parking lots around it at River Road and Balmoral Avenue. The village board this week established an interested parties registry for the public to receive notifications about the proposed TIF.
Under the TIF, property taxes would be frozen at their current level for 23 years, and taxes collected above that level would go to a special fund controlled by the village to pay for public and private improvements.
Fashion Outlets of Chicago mall owner Macerich talked earlier this year with village officials about a possible option agreement to acquire the theater land that would allow the mall to expand, and Stephens has said before he wouldn't mind bulldozing the theater to make room for a mall addition.