TIF Performance Metrics: How We Measure Success
Projects developed within the Prospect & Main TIF are evaluated on their ability to help achieve the Village's overall goal of downtown revitalization. Here are the criteria used to measure this progress:
- Construction of new residential units
- Downtown population growth
- Growth in EAV (Equalized Assessed Value)
- Sales tax generation
- Increases to the amount of retail and commercial space
- Increases in the number of building permits issued
- Projects benefiting other local governments (schools, county, township)
- Reduction in the amount of commercial vacancy
- Infrastructure improvements: public parking, streetscape, pedestrian accessibility, environmental remediation, etc.
- Increased METRA ridership
The Village is tracking projects located within the Prospect and Main TIF. View a list of projects located within the TIF and find out more about the processes used to help spark the redevelopment on the Prospect and Main Downtown Development Projects page.
Strategies Used For Implementation
When the Prospect & Main TIF was adopted on January 17, 2017, part of the process included a TIF Eligibility Study. Within that study [pg. 24] are four strategies which help to implement the overall goal of area-wide revitalization of the property within the Prospect and Main TIF.
Redevelop Vacant and Underutilized Sites
The redevelopment of vacant and underutilized properties within the Prospect & Main TIF is expected to stimulate private investment and increase the overall taxable value of these properties. Development of vacant and/or underutilized sites, including parking lots, is anticipated to have a positive impact on other properties beyond the individual project sites.
Facilitate Property Assembly, Demolition and Site Preparation
Sites may be acquired and assembled for use by the Village to attract future private investment and development. Consolidated ownership of multiple sites will streamline the redevelopment process and make it easier to market to potential developers. In addition, financial assistance may be provided to private developers seeking to acquire land and assemble sites to undertake projects within the TIF. Property assembly could take the form of purchase, exchange, sale, lease or conveyance. Site preparation may include demolition of existing buildings, environmental remediation, or construction of public improvements.
Encourage Private Sector Activities
Through the creation and support of public-private partnerships or through written agreements, the Village may provide financial and other assistance to encourage the private sector, including local property owners and businesses, to undertake redevelopment and new construction projects, and other improvements that are consistent with the goals of the TIF.
Implement Public Improvements
Public improvements may include new streets, streetscaping, street and sidewalk lighting, and similar projects. Alleyways, underground water and sewer infrastructure, parks or open space that are implemented with TIF assistance are intended to complement, and not replace, existing funding sources for public improvements within the TIF area.