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Orland Park joint review board backs early dissolution of Main Street Triangle TIF, moves proceeds to downtown TIF to cover debt
Summary
The joint review board recommended the Village of Orland Park dissolve the Main Street Triangle tax-increment financing (TIF) district early, contingent on intergovernmental agreements, and reviewed financial misallocations found in the 2024 audit.
The Orland Park Joint Review Board on Dec. 16 recommended that the Village of Orland Park dissolve the Main Street Triangle tax-increment financing district early and transfer remaining proceeds to the Downtown Orland Park TIF to help pay outstanding debt.
The board voted unanimously to recommend the early termination, with the motion made by the representative for School District 135 and seconded by Cook County. The recommendation is contingent on approval of a new intergovernmental agreement (IGA) between the village and Consolidated High School District 230 and School District 135, and the village is scheduled to consider the termination at its Oct. 20 village board meeting, officials said.
The recommendation follows a presentation of the village's financial reports by Chris Frankenfield, Village of Orland Park finance director, who told the board auditors completed the 2023 and 2024 financial audits and identified two expense misallocations that will be corrected in 2025. "We have S B Friedman of just…
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