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Mount Prospect holds hearing on South TIF expansion; staff and SB Friedman outline eligibility and $170M ceiling
Summary
Mount Prospect held a public hearing on proposed amendments to the South Mount Prospect TIF that would add three subareas (about 60 acres) and raise the plan’s spending ceiling to about $170 million; staff and SB Friedman summarized eligibility findings and next steps.
The Village Board held a public hearing on a proposed amendment to the South Mount Prospect Tax Increment Financing (TIF) Redevelopment Plan that would expand the district by roughly 60 acres in three subareas and increase the TIF budget ceiling to roughly $170 million. Staff and SB Friedman Development Advisors presented eligibility findings and recommended amendments; the public commented at length, and the board closed the hearing with plans to consider ordinances on Jan. 21, 2025.
Jason Selfcross, director of community and economic development, summarized the amendment’s purpose: to support public infrastructure in South Mount Prospect and three other…
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