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Fox River Grove holds public hearing on proposed Downtown TIF #3 to spur Block B redevelopment
Summary
On Jan. 20 the Village Board opened a public hearing on a proposed Downtown Tax Increment Financing district (TIF #3) to support redevelopment of Block B; consultant Pete Losue said the parcel qualifies under vacant-land criteria and the statutory 'but for' test, while residents raised concerns about eligibility and the developer's finances. No action was taken.
Village President Marc McLaughlin opened a public hearing Jan. 20 at the Fox River Grove Municipal Center on a proposed downtown Tax Increment Financing district, called Downtown TIF #3, to support redevelopment of Block B.
Administrator Soderholm introduced Pete Losue of Teska & Associates, who presented the eligibility analysis for creating a new TIF carved from an existing district. Losue told the board he has “never experienced reversal of a TIF that I have been involved with” and said the Block B parcel qualifies under both sets of vacant-land criteria. He said he applied the…
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