Board hears TIF eligibility presentation for Triangle-area redevelopment; public hearing closed with no final vote

Andrew, a consultant with S.B. Friedman Development Advisors, told the Indian Head Park Board of Trustees on Dec. 11 that the Triangle-area redevelopment plan is meant to capture incremental property-tax growth within a defined set of parcels and reinvest that growth in local improvements. "TIF or tax increment financing is a common economic development tool used in Illinois and other states that is a way to reinvest property tax revenues into a specific target geography," he said.

The consultant said the proposed district contains 12 parcels — four improved, eight vacant — and that, for improved parcels, the study finds the area qualifies as a conservation area because more than half of the buildings are at least 35 years old and three statutory eligibility factors are present: lack of equalized assessed value (EAV) growth, visible deterioration, and…