Mount Prospect hopes planned TIF district spurs redevelopment on village's south side
Mount Prospect is moving ahead with plans to create a tax increment financing district that officials hope will spur redevelopment and increase investment on the south end of town.
The village board Tuesday passed an ordinance setting up a public hearing and a joint meeting of other local governments that would be affected by the creation of a TIF district.
A TIF district is an economic development incentive in which property taxes within the district's boundaries are frozen at their current levels, usually for 23 years. Any additional property tax revenue generated through new development is directed to a special village-controlled fund and used to pay for improvements within the boundaries.
"Certainly, we've used TIF as a very valuable tool in our downtown for 30 years," Mayor Paul Hoefert said.
"But over many years, we've talked about south Mount Prospect being such a land of opportunity. And, using this tool, as we've used it in the downtown ... is an important thing to do," he added.
The proposed TIF area is bounded on the north by Dempster Street, with a short section to the north between Linneman Road and Elmhurst Road; on the west by Busse Road, with a short section to the west near Interstate 90; on the east by an area just west of Elmhurst Road; and on the south by Oakton Street.
The ordinance passed Tuesday establishes two key meeting dates for the TIF's creation: March 22, when the Joint Review Board, comprising the different taxing districts impacted by the TIF, will meet at village hall; and April 19, when the village board will hold a public hearing on the proposal.
The village board is expected to vote on final approval in May.
Properties within the TIF include the Mount Prospect Park District's RecPlex and the former United Airlines headquarters, which eyed as home to a $2.5 billion data center complex.
Village Manager Michael Cassady said the village is sending out more than 5,000 letters providing notice to the community about the TIF plan. Those interested in learning more can visit https://tinyurl.com/yj4fx7z5.