Proposed South Mount Prospect TIF wins backing from local governments

 
Posted3/23/2022 1:00 AM

Taxing bodies that would be affected a proposed tax increment financing district on the south side of Mount Prospect gave virtually unanimous support for the plan when they met as a joint review board Tuesday.

The proposed district would encompass a 505-acre area bordered by Dempster Street on the north, Oakton Street on the south, Busse Road on the west, and near Route 83 on the east. It consists of mainly commercial and industrial properties, the majority of which were annexed into the village in the last five years.

 

Village officials hope to spur redevelopment in the area, which they say is filled with deteriorating properties.

"There is a risk of this area getting worse if there is not an intervention," said Geoff Dickinson, a village consultant.

If the district were approved, property taxes distributed to local governments like school and park districts would be frozen at their current levels for 23 years. Any additional tax revenue generated by rising property values in the area would go to a village-controlled fund to pay for improvements that would attract development to the district.

"But for the TIF, would you get the development you want? Will the market do what needs to be done on their own? And the short answer to that is 'No,'" Dickinson said.

Among local governments that backed the proposal Tuesday were Northwest Suburban High School District 214, Harper College, the Mount Prospect Park District, Elk Grove Township and Cook County. Elk Grove Township Elementary School District 59 did not send a representative to the meeting.

However, District 214 school board President Bill Dussling said the district would like municipalities to limit the duration of TIF districts to significantly less than 23 years and share more of the increased revenues with schools.

The next step for the plan is a public hearing on April 19, followed by possible village board approval in early May.

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