Prospect and Main TIF

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To view ordinances and other documentation related to the Prospect & Main TIF, visit the TIF Document Portal.

Prospect & Main TIF: Fact Check

What progress has been made on settling litigation between the Village and District 214?

The Village has been in discussions with District 214 since March 2017. You can find the initial term sheet proposed by District 214, as well as the Village's response and offers to the District, in the Document Portal.

Is the area of the Prospect and Main TIF the same as the previous Downtown TIF?

No, although there is some overlap. The Prospect and Main TIF consists of 235 parcels over 109 acres, excluding rights-of-way. There are 61 individual PINS, totaling 19.82 acres, which were the previous Downtown TIF No. 1; these are commonly referred to as the “overlap parcels”. Initially adopted in 1985, The Downtown TIF No. 1 was amended three times to add parcels. 

  • 30 of the 61 overlap parcels [10.61 acres] were included in Downtown TIF No. 1 of 1985.
    • The Village owns 13 of these 32 parcels [5.48 acres], which includes buildings such as Village Hall, the Library, the Police and Fire Building and the water tower.
  • 29 of the 61 parcels [5.48 acres] were included in Amendment #2 of the Downtown TIF No. 1, adopted in 1993.
    • The Village owns 14 of these 29 parcels [1.58 acres]. This includes parking areas along E.  Busse Avenue and Moehling Park.
  • 2 of the 61 parcels [3.72 Acres] were included in Amendment #3 of the Downtown TIF No. 1, adopted in 2006: the site at the northwest corner of Central & Main and the Chase Bank parcel.
    • The Village owns the parcel at the northwest corner of Central & Main (the former “Central Plaza”).

How much are these "overlap parcels" worth to a taxing district?

The amount of taxes generated by a property is calculated using the parcel’s Equalized Assessed Value (EAV). The higher the EAV, the higher the amount of tax revenue collected.

  • Out of 61 parcels, 24 of them [7 acres] are owned by the Village of Mount Prospect with a $0 EAV. These parcels are exempt from taxation.
  • The remaining 37 parcels had EAV’s of $10.5 million at the time the parcels were incorporated into a TIF (1984, 1990 or 2003 depending on adoption). These same parcels had an EAV of $10 million in 2015 and $10.86 million in 2016. The EAV for the entire Prospect and Main TIF was $39,575,908 (2016 data). 

Why does the Village want to include parcels in the Prospect and Main TIF that were already in the Downtown TIF?

One of the main objectives of the Prospect and Main TIF is to help facilitate the redevelopment of vacant or underutilized properties. Some of the most visibly blighted properties which would benefit from TIF were included in Downtown TIF No. 1. These Key Development Parcels are vital to the success of the Prospect and Main TIF.

These Key Development Parcels are in three areas:

  • The “Triangle Site”, which encompasses parcels bounded by Northwest Hwy, Main Street/Rte 83, Wille Street, as well as the parcels fronting on E. Busse Avenue.
  • Central Continental Bakery and the vacant adjacent property formerly known as Sakura restaurant site.
  • The Chase Bank Building / Police & Fire block, bounded by Northwest Hwy, Emerson Street, W. Busse Avenue, and Maple Street.

There are various circumstances which contributed to the Key Development Parcels’ current condition.

  • Many of the parcels within the Triangle Site were set to redevelop in 2008. However, the market crash of 2008 prevented this development from moving forward. Today this area includes small vacant lots with varied ownership, which is an obstacle to redevelopment.
  • In 2014, a fire destroyed the building at 105-115 S. Main Street. This building was home to Sakura restaurant, Picket Fence Realty, and the Mount Prospect Chamber of Commerce. There were also apartment units on the second floor. Fortunately, no one was seriously injured in the fire, but the building itself was demolished. In addition, Central Continental Bakery sustained damage as a result of the fire and required significant work to re-open in its current state.
  • Chase Bank is a 71,000 square foot office building that has been challenged with ongoing high vacancy rates; it is currently 58% vacant. The building’s age and design contribute to its vacancy and struggle to revitalize.

How long have the Key Development Parcels been in a TIF? What’s their EAV?

These three areas include 27 individual parcels for a total land area of 6.8 acres. Of these 27 parcels, 10 are Village-owned with $0 EAV, including public parking lots and the Police/Fire building. The EAV breakdown for the remaining parcels are available in this table

Questions?

Email us with questions regarding the Prospect and Main TIF.

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