Lisle holds public hearing on proposed Lincoln Avenue–Route 53 TIF; consultant cites flooding, aging buildings

The Village of Lisle on Aug. 4 opened a public hearing on a proposed Lincoln Avenue–Route 53 Tax Increment Financing district to consider designating a redevelopment project area and approving a redevelopment plan and project, village officials said. The hearing followed statutorily required public notice and a prior Joint Review Board recommendation.

The redevelopment plan presented by SB Friedman, the village’s TIF consultant, proposes using tax-increment revenues to finance public improvements and redevelopment up to a $35,000,000 cap. “TIF districts divert tax, property taxes, from the growth in EAV that occurs from development, to support targeted redevelopment efforts,” said Lily Vander Zanden, senior associate with SB Friedman.

The consultant reported the proposed district contains 53 parcels (36 improved, 17 vacant), and that 94 buildings in the area are over 35 years old, meeting the age requirement for a conservation-area finding under the TIF Act. SB Friedman identified four qualifying factors present across the improved…