On March 1, 2018, the Economic Development Commission (EDC) hosted an Economic Development Summit. During the event, the panelist discussed issues, opportunities, and methods the Village should consider when trying to attract investments and new businesses. One of the key opportunities discussed was the need for the Village to coordinate potential resources that would entice and/or support continued investment in downtown properties and businesses.
On March 19, 2018, the Village Board authorized Ms. Tammen of Ehlers to develop a Downtown Economic Incentives Study (the “Study”). The Study provides analysis of potential economic development funding resources and programming to support public and private investment in the downtown area.
On August 7 and August 29, 2018, Ms. Tammen presented the Draft Study to the EDC. The Study provides an analysis of potential economic development funding resources available to the Village including, the creating of a Special Service Area, a Business District, and a Tax Increment Finance District, the community implications of each, and the financial wherewithal of each source specific to the Downtown.
At the conclusion of the EDC's second meeting, the Commission unanimously recommended the Village Board accept the Ehlers Downtown Economic Incentives Study and consider taking the necessary steps for establishing a Tax Increment Finance District in Downtown Clarendon Hills.
On September 17, 2018, the Village Board concurred with the EDC's recommendation, accepting the Final Report and directing Staff to include funding needed to establish a Tax Increment Finance District. A copy of the approved Study is posted [here].
Please contact the Community Development at 630-286-5412 with questions or comments.