Maywood opens Roosevelt Road TIF hearing, schedules Dec. 29 vote
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Summary
Trustees heard a presentation on a First Amendment and 10‑year report for the Roosevelt Road TIF and scheduled a Dec. 29 special meeting to consider formal adoption; no public comments were recorded for the item.
During the Village of Maywood special Board of Trustees meeting on Dec. 15, 2020, village staff and the TIF consultant presented a First Amendment to the Roosevelt Road Redevelopment Project and Plan and a 10‑year status report.
Director of Community Development David Myers, TIF consultant Philip McKenna and Village Attorney Michael Jurusik reviewed the proposed amendment and noted that Public Act 101‑0647 and relevant sections of the Illinois Tax Increment Allocation Redevelopment Act authorize a 12‑year term extension for the district. The Maywood Joint Review Board Report and Recommendation No. 2020‑02 (dated Nov. 13, 2020) was presented in support of the amendment.
Trustees I. Brandon and M. Jones asked questions during the hearing. There were no public comments recorded on the Roosevelt Road TIF item. The board voted to schedule a Dec. 29, 2020 special meeting for consideration of the ordinance approving the First Amendment to the redevelopment plan.
Why it matters: Any extension or amendment to a TIF district alters the timeline for when incremental property tax revenue is available for redevelopment projects rather than distributed to overlapping taxing bodies. Scheduling a near‑term special meeting advances the formal review and potential adoption process.
Next steps: The board will reconvene on Dec. 29, 2020 to consider ordinance adoption; staff will provide required materials ahead of that meeting.