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55th Street TIF District
After further negotiations with the local school districts, a revised map and IGA have been prepared and ready to be signed. The proposed 55th Street TIF District is up for First Consideration for the Village Board on 11/18/2024 with Second Consideration and possible Adoption at the December 16th Village Board meeting.
A Public Hearing was held on September 16th at 6:30 PM at the Village Hall. The 55th Street Proposed TIF District is generally located along the north and south sides of 55th Street between Western Avenue to the west and Holmes Avenue to the east, and also includes certain parcels on the east and west sides of Western Avenue and Bentley Avenues, and the west side of Virginia and Clarendon Hills Avenues, all south of 55th Street. The uses within this area are commercial and residential. Vote on this matter has yet to occur with the Village Board as they are working with the school districts for a mutually agreeable agreement.
Redevelopment Project Area Goals (RPA)
Given the potential community benefits that may be gained from redevelopment of the RPA, efforts should be made to achieve the following goals for the RPA:
1. Reduce or address those adverse impacts described in the Qualification Report which deter private investment in the RPA;
2. Return underutilized property located within the RPA to productive use and strengthen and enhance the Village’s tax base;
3. Provide for high-quality development within the RPA that facilitates community and economic development goals; and
4. Accomplish redevelopment of the RPA over a reasonable time period.
These goals may be accomplished by pursuing the following objectives for the RPA:
1. Promotion of the redevelopment of underutilized property located within the RPA;
2. Provision for the assembly or coordination of private and public property for viable redevelopment projects;
3. Improvement of existing rights-of-way and infrastructure including, but not limited to, roadways, water mains, sanitary and storm sewers, sidewalks, streetscape, traffic signalization and parking improvements;
4. Provision of necessary site preparation including, but not limited to, grading, demolition and environmental remediation; and
5. Provision of public investment that improves the physical condition and visual aesthetic of the area including those in the public realm (e.g., streetscaping and recreational areas) and the private realm (e.g., facades and signage).
These objectives may be pursued independently by the Village or in public-private partnership by entering into redevelopment agreements in order to redevelop existing property or induce new development to locate within the RPA.