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Rosemont advances Fifth Amendment to South River Road TIF, convenes Joint Review Board
Summary
Trustees approved Ordinance No. 2024-8-12A to propose the Fifth Amendment to the South River Road Redevelopment Project Area (TIF 4), confirm tax increment financing, convene a Joint Review Board and call a public hearing.
On Aug. 12, 2024 the Village Board voted to approve Ordinance No. 2024-8-12A, which proposes the Fifth Amendment of the Redevelopment Plan and Project for the South River Road Tax Increment Redevelopment Project Area (TIF 4). Trustee Dorgan moved the measure and Trustee Price seconded; the motion passed with all trustees voting aye.
The ordinance authorizes amendment of the TIF 4 project area and confirms the use of tax increment allocation financing for the proposed amendment. The ordinance also calls for convening a Joint Review Board and scheduling a public hearing; those procedural steps are standard under Illinois TIF law to allow affected taxing districts and members of the public to review the proposal.
