Des Plaines TIF restructured in hopes of spurring redevelopment

 
Daily Herald report
Updated 10/8/2014 12:48 PM

Des Plaines' city council has formally approved ordinances restructuring a tax increment financing district, now operating in the red, in hopes of spurring redevelopment.

The city will carve out a portion of TIF 6, which is roughly bounded by Higgins and Mannheim roads and Greco Avenue, and create a new TIF 7, which will encompass a vacant 5-acre city-owned property, bank-owned 4-acre property, and a small parcel owned by the Rosemont Park District.

 

What remains in TIF 6 are properties north of Pratt Avenue, where businesses are largely built out. The McDonald's property at the corner of Higgins and Mannheim will fully return to the tax rolls.

Officials say the restructuring means an accumulating deficit will remain in TIF 6, while a lower base property value is established in TIF 7. Property taxes generated above that level are intended to be reinvested back into redevelopment projects.

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