Lisle board adopts inducement resolution to preserve TIF eligibility for Family Square redevelopment

The Village of Lisle Board unanimously approved a resolution of inducement on Feb. 2, 2026, intended to preserve the eligibility of certain expenditures, such as demolition costs, for reimbursement from the Downtown Tax Increment Financing (TIF) district or from a newly created TIF.

Village Manager Cook told the board the resolution expresses the village’s official intent to recognize qualified expenses incurred toward redevelopment of the former Family Square property by Lisle FC, LLC. Cook emphasized the resolution does not commit the village to any specific incentive amount, nor does it obligate the village to enter into a redevelopment agreement or to approve a future redevelopment project. Instead, the resolution authorizes staff to pursue the special legislation needed to extend the existing Downtown TIF or to prepare studies and plans to create a new TIF if extension is not possible.

Cook said the resolution preserves a look‑back period and financial rights so that demolition and other pre‑agreement costs remain eligible for reimbursement whether the existing TIF is extended or a new TIF is established. The board debated no substantive changes and, after public comment was closed, moved and seconded the resolution. Deputy Clerk Arnold called the roll and the motion passed by unanimous 'Aye' votes.

What’s next: Staff will continue work on any special legislation and the studies necessary to either extend the Downtown TIF or create a new district; any future redevelopment agreement or economic incentive would return to the board for separate approval.