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Village reopens public hearing on proposed East Ogden Avenue TIF; consultant says area qualifies as conservation area
Summary
The Village of Lisle continued a public hearing July 21 on a proposed East Ogden Avenue Tax Increment Financing (TIF) district. Consultants told the board the area meets conservation-area eligibility criteria; the Joint Review Board recently recommended formation 5–3. The village will consider required formation ordinances in August.
Village of Lisle officials on July 21 reopened and then closed a continuation of the public hearing on a proposed East Ogden Avenue Tax Increment Financing district to hear consultant findings and public comment.
The redevelopment consultant, Jillian Gullett of SB Friedman Development Advisors, told the Village Board that the proposed redevelopment project area — roughly along East Ogden Avenue between Ivanhoe Avenue and Kingston Avenue — covers about 73 acres, 40 parcels (29 improved, 11 vacant) and 27 buildings. Gullett said the firm’s eligibility study found the area qualifies as a conservation area under the TIF Act: 52 percent of buildings are at least 35 years old, and four of 13 statutory factors were present, including deterioration on 23 of 29 improved parcels, inadequate stormwater utilities tied to chronic flooding, lack of EAV growth relative to the consumer price index and structures out of conformance with current building and stormwater codes.
The Joint Review Board, which met during the meet-and-confer process, voted 5–3 on June 25 to recommend designation of the redevelopment project area, approval of the redevelopment plan and adoption of TIF. The JRB also recommended including a provision to allow incremental revenues up to 2 percent per year to be shared with overlapping taxing districts for certain properties with active businesses, according to the presentation.
Gullett summarized the redevelopment plan’s objectives: physical improvement and rehabilitation of existing structures; repair or construction of public infrastructure; stormwater management and flood-control projects; streetscaping and site assembly; and coordinating federal, state and local resources. The plan lists a not-to-exceed redevelopment-project-cost estimate of approximately $32,500,000 and proposes a mixed-use future land-use mix including commercial, industrial, institutional and open space. The proposed TIF term is 23 years.
During public comment, Tom Hummel of 82450 Ninth Street asked the board to reduce the district’s boundary to exclude the “locked former property” and asked that any Ogden Avenue streetscape projects be paid by the village rather than with TIF funds; he also urged that any TIF surpluses be abated by taxing bodies to provide property-tax relief.
Village special counsel Mike Jerusick told the board the public hearing had been continued from June 16 to allow ongoing dialogue with interested taxing bodies and that, if the board is supportive, three formation ordinances required to create the TIF would be presented at a village-board meeting in August.
No formation ordinances were adopted July 21; the public hearing was opened by motion, public comment was taken, and the hearing was closed by vote. The board is scheduled to consider the statutorily required ordinances in a future meeting.
Why it matters: A TIF district diverts incremental property-tax revenue from overlapping taxing districts for a set period to finance targeted redevelopment and infrastructure in the designated area. The recommendation of the Joint Review Board and the consultant’s finding that the area meets conservation-area criteria advance the project toward possible formation, but any final effect on taxing bodies, budgets and specific redevelopment projects will depend on the ordinances and redevelopment agreements that the Village Board adopts.
