5th rehab district for Wheeling?

The Wheeling village board will be looking at a potential fifth tax increment financing district in town next week.

The more than 400-acre TIF district would include the portion of Chicago Executive Airport that is owned by Wheeling as well as property around Industrial Lane that was annexed by the village.

A TIF essentially freezes assessments in a specified area for 23 years; the increase in assessments for that time period -- which would have otherwise gone to various taxing bodies -- goes back into a fund to renovate the dilapidated area.

Village Manager Mark Rooney said the TIF idea was bounced around after the annexation of Industrial Lane and Sumack Road to the east of the airport.

He said the infrastructure in those areas lacks sewer and water.

"This incorporates areas in dire need of help," acting Village President Pat Horcher said.

The village also agreed to include half the airport, which is also co-owned by Prospect Heights, because of projects that are coming up.

"There's a lot of potential development at the airport," said James Lang, economic development director. "It made sense to go ahead and include them."

The TIF would combine with the four others in town, making them all contiguous and eligible to share funds with each other.

Rooney said staff members have already met with the affected taxing bodies, such as the park district, the school district and the two library districts.

He said that while they probably won't endorse the plan, the agreement would include money from the River Mill townhouse projects going back to taxing bodies.

Lang said an area has to meet five of 13 criteria to be eligible for a TIF district, and the 400-acre lot meets at least eight if not 10 of those, including excessive vacancies and lack of planning.

The board will officially look at the TIF documents at its May 5 meeting. If it is approved, several public meetings will have to be held.

Lang said the TIF could be set in place as early as this summer.