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Forest Park council authorizes study with Ryan LLC to evaluate possible TIF district near Brown and Franklin
Summary
The council approved Resolution 15-26 to authorize Ryan LLC to evaluate potential tax-increment financing around Brown Avenue and Franklin Street; Administrator Antler estimated a 5'27 month study timeline and cited phase cost estimates in the packet.
The Village Council voted to authorize an agreement with Ryan LLC to evaluate areas near Brown Avenue and Franklin Street for a potential tax increment financing (TIF) district.
Administrator Antler told the council that, if approved, staff would begin work with Ryan LLC immediately and that the study's timeframe could be "anywhere from a 5 to 7 month process, probably closer to 5, if all goes well." Meeting materials listed cost estimates for phase 1 ($13,050) and phase 2 ($23,050). The agreement will advance an evaluation and provide the council with findings and recommendations; staff said the study is the first formal step before any decision about creating a TIF district.
Commissioners asked about timelines and costs; Administrator Antler said the village would proceed once the agreement is executed and that staff will keep the council informed of next steps. The resolution passed on roll call as Resolution 15-26.
The authorization does not create a TIF district; it funds an evaluation that would inform later decisions by the council if staff and consultants recommend pursuing a district.
