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Maywood trustees approve Option 1 to consider extending and expanding two TIF districts
Summary
Following a memorandum from legal counsel, the board voted to approve 'Option 1' as the recommended approach for extending terms, expanding boundaries, and increasing budgets of the Madison Street/5th Avenue and Roosevelt Road TIF districts.
The Village Board approved 'Option 1'—the staff and counsel recommendation—to proceed with considerations for extending terms, expanding boundaries, and increasing the budgets of the Madison Street/5th Avenue and Roosevelt Road Tax Increment Financing (TIF) districts. The recommendation came from Klein, Thorpe & Jenkins, Ltd.; Village Manager Willie Norfleet and Village Attorney Michael Jurusik supported the recommendation.
Trustee N. Booker moved to approve Option 1 and Trustee M. Lightford seconded. The motion carried with Trustee I. Brandon recorded as voting 'Nay.' The vote authorizes staff to pursue the selected option and to take next legal and administrative steps required to evaluate and, if appropriate, implement TIF changes.
The memorandum and the board action do not themselves change TIF boundaries or budgets; they authorize pursuit of the process (studies, public notices, and legal steps) needed for any actual amendment.
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