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Village Board Unanimously Approves Prospect and Main TIF to Spur Future Downtown Development

Post Date:01/19/2017 10:30 AM
Citing a need to further enhance redevelopment in downtown Mount Prospect, the Village Board of Trustees unanimously approved the creation of the Prospect and Main Tax Increment Financing (TIF) District at its January 17, 2017, meeting. TIF is a development tool that local governments can use to make public improvements and attract new development to a specific area.

Over the past several months, the Village held public discussions, an open house, a public hearing and Village board meetings highlighting the potential for new growth in a redefined TIF area extending east and west along Northwest Highway and south of the railroad tracks (view map). Despite an equalized assessed valuation (EAV) increase of over $18 million in redeveloped properties in the original TIF, which was released to taxing bodies for levy purposes at the end of 2016, properties in the new TIF are lagging in value when compared to the rest of the Village. The Prospect and Main TIF will assist in creating the investment needed to enhance overall value to residents and businesses throughout Mount Prospect.

At the January 17th meeting, Mayor Arlene A. Juracek thanked the community for taking part in thoughtful discussions regarding the Prospect and Main TIF. She noted that that there was general agreement that investment in the TIF area is needed. Alternatives were discussed, such as periodic property tax levies targeted to specific development projects, however such alternatives may be limited by future State budget compromises and do not, according to Juracek, provide the incentives that a TIF can provide. These include longer term and more certain revenue streams, while also placing development risk on the developer rather than the taxpayer.

“We’ve had a few residents raise questions, concerns, come up with alternative ideas. We also heard from our own downtown businesses that this can be very helpful to them,” said Juracek.

At the end of 2016, The Village dissolved the “Downtown TIF No.1,” which was created in 1985. New businesses that locate in the Prospect and Main District can utilize TIF funds for infrastructure and streetscape improvements, property acquisition, buildouts and more.

The Village created a TIF Portal at www.mountprospect.org/TIF with facts, documents and maps. For more information, contact Village Manager Michael Cassady at mcassady@mountprospect.org or 847/818-5267.
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