Indian Head Park hires consultant to study TIF and business district for Triangle property

Indian Head Park on May 8 approved an engagement letter with SB Friedman to study whether the Triangle property at Wolf Road and Joliet Avenue is eligible for tax increment financing or a business development district.

The board voted 5-0 to hire SB Friedman after trustees were told the firm would conduct eligibility research and, if eligible, prepare the documentation and ordinances needed to create a TIF or business district. President Amy Jo Wittenberg said engaging an economic development consultant to determine the best use of the Triangle property is a top 2025 priority for the village.

Nut graf: The consultant contract carries an authorized fee discussed in the meeting as roughly $64,000; staff said the engagement can stop early if the site is found ineligible, limiting the village’s outlay. Officials said costs for full work could be reimbursable later through a created TIF or business district if those tools are adopted.

Staff member Andres, who walked the board through the engagement letter, said the firm’s eligibility review would take about 45 to 60 days and that preparing ordinances and related documentation typically takes between 90 and 150 days. “So, really, if we’re moving at light speed, you’re talking three months. If we’re moving at a bit more regular speed, we’re looking probably four or five, not fully six months,” Andres said.

Trustees asked about the fee. A trustee noted the $64,000 figure stood out compared with recent planning engagements budgeted at $50,000; staff responded that if the work stops after the eligibility phase the village’s cost would likely be roughly half the full amount and that if the project reaches adoption stage many of the consultant costs would be reimbursable through TIF or business district financing. Trustee Eileen Donnersberger said the business development committee had reviewed the submission and recommended the firm based on experience.

Board members and staff also described the Triangle work as a long-standing village priority; one trustee said the property had been referenced in minutes dating back to the early 2000s. The resolution approving the engagement letter passed on a 5-0 roll-call vote.

Ending: Staff said it will provide an action plan with milestones and regular progress reports to the economic development committee and the board as work proceeds.