In March 2016, SB Friedman Development Advisors was preliminarily engaged by the Village to conduct an informal Tax Increment Financing (“TIF”) Eligibility Study. On August 16, 2016, the Village Board authorized SB Friedman to conduct a formal TIF Eligibility Study and prepare a Redevelopment Plan and Project. View the complete report.
View the proposed Prospect and Main TIF Boundary Map (UPDATED 12/16/16).
The Village has been actively engaging stakeholders from the community, including representatives from local organizations such as the Mount Prospect Downtown Merchants Association, Mount Prospect Chamber of Commerce, Mount Prospect Park District and School Districts 214 and 57.
Refer to the TIF Portal Home Page for Upcoming and Recent Events. The TIF Establishment Schedule is posted in the Quick Links above. All are welcome to attend Village Board Meetings and speak on the proposed Prospect and Main TIF district, if desired. All Village board meetings are broadcast on MPTV (channel 17 for Comcast and WOW customers). Meetings also stream live on the web, click here for information. Meeting agendas and informational board packets are posted on the web as well.
Village staff and SB Friedman presented to School District 57 at their board meeting on October 20, 2016. View the slides and an executive summary from this presentation.
Thank-you to all that participated in the TIF Open House on November 9. A TIF presentation was also discussed to the Village Board at the November 9 Committee of the Whole. View a video of this presentation.
TIF Interested Parties Registration by Residents: Any Village resident may apply to register as an interested party by completing and submitting a registration application and a copy of a current driver's license, lease, utility bill, financial statement or other evidence acceptable to the Village to demonstrate current Village residency. Click here for registration applications and full details.
TIF Establishment Scheduling
The creation of a new TIF district is regulated by Illinois law, and specific deadlines and notifications must be satisfied. This document outlines the process the Village must follow to establish a new TIF, with dates related to scheduling.
Proposed Prospect and Main TIF Establishment Schedule
Here are the most recent meetings related to the Prospect and Main TIF, as posted on the Village's Event Calendar:
Key Planning Documents
Redevelopment in the downtown is guided by key planning documents, including the Downtown Implementation Plan, Part I and Part II as well as the Bicycle Plan and Comprehensive Plan, which are available here.
Email us with questions regarding the proposed Prospect and Main TIF.