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Lisle staff presents eligibility studies for two proposed TIF districts; no action taken
Summary
Village consultants presented eligibility studies and redevelopment plans for two proposed tax‑increment financing districts—East Ogden Avenue (about 40 parcels, $32.5 million budget ceiling) and Lincoln Avenue/Route 53 (about 53 parcels, $35 million ceiling)—and staff outlined a public hearing and Joint Review Board schedule; no action was taken.
Village consultants presented eligibility and redevelopment plans for two proposed tax-increment financing districts: an East Ogden Avenue redevelopment project area (about 40 parcels, ~73 acres) and a Lincoln Avenue (Route 53) project area (about 53 parcels, ~67 acres). The presentation was informational; the board did not vote and staff outlined a public hearing and joint review board schedule.
Why it matters: Creating a TIF district allows a municipality to “freeze” current equalized assessed value (EAV) and use increases in EAV resulting from redevelopment to pay for public improvements within the district—commonly utilities, stormwater projects and streetscape work. Staff and the consultant said these two RPAs show limited recent private investment and documented flooding/stormwater issues in the…
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