Maywood board hears Madison Street/Fifth Avenue TIF amendment, approves minor change
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Summary
Village staff and a TIF consultant presented a First Amendment and 10‑year report for the Madison Street/Fifth Avenue TIF; the board approved a minor amendment and set further action on the larger amendment.
Village of Maywood officials presented a proposed First Amendment to the Madison Street/Fifth Avenue Tax Increment Financing (TIF) Redevelopment Project and Plan during a public hearing at the Dec. 15, 2020 special Board of Trustees meeting.
Mayor Edwenna Perkins convened the hearing, and Village Manager Willie Norfleet, Director of Community Development David Myers, TIF consultant Philip McKenna and Village Attorney Michael Jurusik reviewed a 10‑year status report and the First Amendment to the redevelopment plan. Jurusik and staff explained that Public Act 101‑0647 and the Illinois Tax Increment Allocation Redevelopment Act (65 ILCS 5/11‑74.4‑3.5 and 5/11‑74.4‑4.5) authorize a 12‑year extension for the district.
The Joint Review Board issued Report and Recommendation No. 2020‑01 (dated Nov. 13, 2020) in support of the amendment, and the village presentation covered compliance with procedural steps and required notices. Trustees asked procedural and substantive questions; Village Manager Willie Norfleet and Trustee I. Brandon participated in the discussion.
The board voted to schedule a Dec. 29, 2020 special meeting to take further action on adopting the First Amendment to the Redevelopment Project and Plan. Separately on the Dec. 15 agenda the trustees considered and approved an ordinance adopting a minor amendment to the First Amendment. That ordinance passed on a roll‑call vote with a quorum present.
Why it matters: TIF amendments and term extensions change the period during which incremental property tax revenues are diverted to redevelopment projects rather than to other local taxing bodies. The 12‑year extension authorized by state law and the Joint Review Board report are central to the amendment's legal and fiscal basis.
Next steps: The board scheduled Dec. 29, 2020 for further action on the full First Amendment; staff and the TIF consultant will provide any additional materials required for formal adoption.