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Committee Seeks Consultant to Evaluate Main Street Redevelopment, TIF and Business District Options
Summary
A consultant will be asked to give an initial review of whether a tax increment financing (TIF) district or a business district would be appropriate for Roscoe's Main Street corridor and nearby vacant properties.
The Committee of the Whole discussed options for revitalizing Main Street and the surrounding corridor, including the use of tax increment financing (TIF) or a business district (retail sales surtax) as development tools, and agreed to bring a consultant in for a preliminary evaluation.
A presenter who has worked on multiple TIFs and business districts described the procedural steps for a TIF: a consultant eligibility study, a resolution approving the eligibility report, public notices, creation of a statutory joint review board made up of affected taxing bodies, public hearings, and then ordinances adopting a plan and…
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