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Council considers TIF-funded facade grant and hiring consultant to spur redevelopment
Summary
Councilors reviewed draft plans to use TIF funds for a cost-share facade grant program on Roosevelt Road and Harlem Avenue and discussed hiring an economic development consultant to market Forest Park and attract sales-tax-generating businesses.
Staff told the council both Roosevelt Road and Harlem Avenue TIF accounts have healthy balances and proposed a cost-share facade grant aimed at helping existing businesses fix storefronts.
"I am prepared to present a draft of a facade grant program," staff said, describing a model in which businesses pay a portion of improvement costs and the village subsidizes part of the project from TIF funds. Councilors suggested the program could be combined with other options, such as short-term-rental revenue or a special service area (SSA), to bring more sales-tax-generating businesses into target corridors.
Staff also proposed hiring an economic development consultant funded by TIF to provide expertise and outreach to prospective businesses and developers. Councilors said they supported exploring zoning overlays, targeted recruitment to increase sales-tax-producing uses on Madison Street and in the downtown business district, and returning with a scope and cost for consultant work.
