On Wednesday, Jan. 24, the Tax Increment Financing (TIF) Joint Review Board voted 5-1 recommending a new Downtown TIF. The Joint Review Board is an advisory group with six representatives from all main taxing districts within the boundary of the TIF.
A representative from Kane McKenna Associates reviewed the redevelopment plan and project and the qualifying factors for establishing a new Downtown TIF based on the requirements of the Illinois TIF Act. The downtown area has experienced successful growth, but there is still much work to be done to keep the central business district desirable and vibrant. The proposed Downtown TIF will provide for necessary funding of improvements and redevelopment in the future. The primary focus of the TIF will be to continue the implementation of the adopted 2016 Downtown Plan and provide opportunity for redevelopment of underutilized properties in the downtown area.
The Board votes on recommendations to approve or reject the redevelopment plan and project based on the plan satisfying the plan requirements, eligibility criteria and objectives of the Illinois TIF Act. The final vote for recommendation to approve the Downtown TIF was 5-1.
The next steps involve additional notices to the community, a public hearing on March 5, and a final vote by Elmhurst City Council.
