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Orland Park board approves application for Opportunity Zones 2.0 designation focused on Orland Square Mall tract
Summary
Village staff told trustees they will submit an application under Illinois' Opportunity Zones 2.0 program for a census tract containing Orland Square Mall; the program offers tax incentives to spur investment in distressed tracts and the board authorized the village manager to execute required documents.
Orland Park's board voted April 20 to submit an application seeking designation under Illinois' Opportunity Zones 2.0 program for a census tract that includes the Orland Square Mall.
Ed, a village economic-development staffer, told trustees the revised Opportunity Zones 2.0 program tightens eligibility and increases state involvement in pairing investors with local projects. He said the village, working with the Southland Development Authority, identified an eligible tract and flagged overlap with a proposed TIF district aimed at redeveloping the former Sears box.
"This is an opportunity to make redevelopment more attractive," Ed said, describing how qualified opportunity funds can support new construction and substantially improved properties and noting federal incentives for deferred and, in some cases, permanent exclusion of capital gains tax after long-held investments.
Trustees asked about costs, selection criteria and readiness of pipeline projects. Trustee Healy called the effort "a great thing for Orland" and emphasized the low direct cost to the village beyond staff time. Trustee Lawrence requested follow-up briefing materials and staff availability for additional questions.
The board approved the motion to submit the application and authorized the village manager to execute any required documentation. Staff said the Illinois nomination is due April 30 and the state will submit selections to the U.S. Treasury for certification, with new designations taking effect Jan. 1, 2027 if approved.
The designation, if certified, could provide federal tax incentives that make large redevelopment projects—such as work at Orland Square Mall—more attractive to investors. The board's approval does not itself commit local incentives or funding; those would come through separate TIF or development-agreement processes.
Next steps: staff will file the application by the state deadline, continue coordinating with the Southland Development Authority, and provide trustees more detailed briefings on timeline, eligible parcels and potential overlaps with local incentives.
