Hanover Park launches effort to attract TIF district development
Unsatisfied with the progress made so far in its three tax increment financing districts, Hanover Park officials are orchestrating a multipronged effort to attract developers.
In addition to approving a second $10,000 contract with a TIF consultant, the village board Thursday unanimously agreed to spend $30,000 for local, regional and national advertising of the TIF districts.
Officials also are exploring launching a radio campaign to promote commercial development opportunities in the village similar to the one suburban Bedford Park is currently promoting.
“We think this could have an extremely beneficial impact on attracting development to the village,” Community Development Director Patrick Grill said.
Each of the endeavors is being funded through TIF district funds, which capture additional property tax revenue as the value of the property within the district borders increases.
Hanover Park’s three TIF districts are located in the Westview shopping area at the northwest corner of Irving Park and Barrington roads; the Village Center area around the train station; and Irving Park Road between Barrington and Cumberland.
The TIF district consultant, Marty Norkett of Coldwell Banker Commercial, first began working with the village in June. Grill said they meet once or twice a week and that Norkett provides valuable contacts and outreach within the TIF districts. He’s been meeting with local banks to prepare commercial development loans for when developers are ready to invest, as well.
Norkett also arranged the $30,000 advertising deal with France Publications, which will run ads in shopping center and real estate business trade magazines. Grill said the six-month campaign is worth more than $72,000 and will inform national brokers about various development incentives Hanover Park has to offer. It will be launched before four village officials attend the International Council of Shopping Centers’ national conference.
Trustee Toni Carter asked Grill why his community development department couldn’t provide the same expertise and contacts as the TIF consultant but voted for the contract after Grill listed several other initiatives occupying his staff’s time.
Trustee Rick Roberts lauded the plan, saying he thought it was innovative.