Hanover Park uses leftover TIF funds to fix up Barrington Road streetscape
Facing a use-it-or-lose-it scenario with a pool of money, Hanover Park officials plan to use it to spruce up part of the Barrington Road corridor.
They’re dipping into the roughly $4.4 million balance remaining in the village’s Barrington-Irving Park Road tax increment financing district fund, to pay for a streetscape project resulting in an attractive “northern gateway.”
“It will be an aesthetic improvement, plus we believe it will enhance the shopping and retail in that area,” Village Manager Ron Moser said. “It’ll bolster our revenue in the future and help make Hanover Park a more desirable place.”
A main focus will be landscaping work on the west side of Barrington Road between Irving Park Road and Tower Drive. It will feature a low stone wall, flowers and other plantings.
At the north end, next to a large electronic sign promoting events and other news, there’s also a plan to install a monument with the Hanover Park emblem.
Rounding out the project are improvements to the streetlights, which may be draped with village banners, water and sewer system upgrades and the installation of lighted street signs.
The makeover would be visible to thousands of drivers who take that major route south into Hanover Park each day.
If officials don’t act by the time the TIF expires at year’s end, the remaining money would be distributed among other taxing bodies.
The TIF was created 23 years ago, the maximum length of time for a TIF district.
As property values rise, TIF districts capture additional property tax revenue that can be used for eligible improvement projects. Hanover Park has two other active TIF districts with a combined balance of about $3 million. There are talks about creating another one around the Menard’s property.
Hanover Park Mayor Rod Craig said that officials understand that other taxing bodies including school, park and library districts are struggling and could use their share of the money remaining in the Barrington-Irving TIF.
But he believes everyone will ultimately benefit more if the improvements generate more long-lasting revenue.
“We’ve been struggling with businesses staying and vacancies, and this is kind of our last hurrah and an opportunity to make it look good,” Craig said.
Craig also said there was earlier discussion about asking the state to extend the TIF another 12 years, but he didn’t think that was right.
Officials hope to start construction before the weather gets too cold, but Moser said work can continue into 2012 as long as the Barrington-Irving TIF funds are set aside in escrow.
The streetscape project, northern gateway and other improvements are part of the village’s effort to revamp itself. Hanover Park likely will enter into a second advertising contract with WBBM radio, which promotes its TIF funds, transportation, location and workforce.
So far, Moser said no deals have resulted since the village took to the airwaves earlier this year, but that officials have been happy with the positive feedback, increased website traffic and numerous inquiries from real estate companies, businesses and restaurateurs.
“This is all part of our vision to be recognized as a community to live, work and do business in and we think this helps that,” Moser said.
He expects the village board to consider a new contract within the next month, with ads slowing down during the holiday season before ramping back up in 2012.