Broadview is seeking to consolidate two TIF districts into a single Roosevelt Road and 17th Avenue TIF district. | File
Saturday, December 10, 2022 || By Michael Romain || @maywoodnews
Broadview plans to consolidate two existing tax increment financing (TIF) districts into a single district in a move designed to spur economic development and infrastructure improvements along Roosevelt Road — the village’s main commercial corridor.
During a public hearing held Dec. 5, Pete Iosue, a consultant with Evanston-based Teska Associates, the firm that’s facilitating the process, said the new Roosevelt Road and 17th Avenue TIF district would include properties that are already located inside of the two existing Roosevelt Road and 17th Avenue TIF districts.
Currently, the 17th Avenue TIF district spans north-south, from Bataan Drive to just past Fillmore Street. The Roosevelt Road TIF east-west from 9th Avenue to the railroad tracks.
“All of the properties we’re talking about here tonight for this new TIF are already currently in a TIF district right now,” Iosue said. “ All we’re trying to do right now is combine them into one.”
He said the project area includes properties that “front on Roosevelt Road, from 17th going east to 9th, and properties that front on 17th, from Roosevelt north to the highway.”
The 17th Avenue and Roosevelt Road TIF districts were established in 2009 and 1999, respectively. Each TIF has a lifespan of up to 23 years, after which they can either be extended for another 12 years or terminated early by the municipality. Another Broadview TIF district, the 19th Street TIF district, was established in 2008, according to Cook County TIF data.
TIF districts don’t create additional property taxes and don’t freeze any property owner’s taxes; rather, during their lifespans, the initial taxable value of the property located in TIF districts is “frozen” in place.
“Taxing districts within the TIF have access to only the ‘frozen’ value when their tax rates are calculated,” according to a TIF primer produced by the Cook County Clerk’s office.
“If there is any increase in EAV within the TIF, the Clerk will then calculate that value growth, or ‘increment’, that occurs in a TIF each year. That increment is multiplied by the composite tax rate of all the taxing districts in the TIF to establish the amount of incremental revenue to be directed to the TIF.”
Municipalities can then use that incremental revenue to pay for a variety of activities designed to improve the area within the TIF, which is typically designated as blighted and lacking sufficient economic activity.
Your support is welcomed!
We are accepting donations so that we can continue bringing you quality reporting on the issues that matter most to you and your community!The funds can be spent on activities like building rehabilitation, property demolition, site preparation, utilities and road improvements and environmental cleanup. Although funds can be spent on business facade improvements and remodeling, the funding cannot be spent directly on funding new private construction costs, Iosue said.
He added that the main reason the village is seeking to consolidate the 17th Avenue and Roosevelt Road TIFs into a single TIF is to address the deteriorating buildings, inadequate utilities, lack of planning and declining property values in the area.
Iosue explained that there’s a significant need for alley improvements, street repairs and water main repairs along Roosevelt Road. He added that a lack of planning in the area has resulted in “irregular parcel sizes [and] improper platting of parcels and rights-of-way,” among other consequences.
Iosue also pointed out that the equalized assessed value (EAV), an indication of the area’s total taxable value, has declined in three of the last four years.
During the Dec. 5 public hearing, Broadview Mayor Katrina Thompson said the village has no plans to dispel any residents or by any residential property located in the proposed consolidated TIF area. She added that any future development proposals would be subject to full village review, which typically includes public hearings and review by the village board.
Before the village board approves the TIF proposal, it has to be reviewed by a Joint Review Board that includes nine taxing bodies, including Cook County, Broadview, Proviso Township, the library and park districts, and the elementary, high school and community college districts. The Joint Review Board unanimously voted in November in favor of recommending the TIF proposal be approved by the village board.
Most of the community members present during the Dec. 5 hearing spoke in favor of the proposed TIF district. Some attendees, including Mayor Thompson, pointed to current developments on Roosevelt Road, including the Broadview Family Restaurant at 2417 Roosevelt Rd., that were helped by TIF funding.
“A lot of our infrastructure improvements up and down that corridor were because of the TIF funding,” said Matthew Ames, Broadview’s public works director who said he was speaking as a resident. “We were creative most certainly in getting federal, county and state dollars, but that alone is not enough to do the improvements that are necessary for our infrastructure.”
Before the TIF proposal goes to the village board for final approval, there needs to be a housing impact study conducted. The proposal also requires the approval of three difference ordinances. The village will hold another public hearing on the matter on Dec. 19, 6:30 p.m. at Broadview Village Hall, 2350 S. 25th Ave. in Broadview.
See the full Dec. 5 public hearing here.
Your support is welcomed!
We are accepting donations so that we can continue bringing you quality reporting on the issues that matter most to you and your community!
Broadview is seeking to consolidate two TIF districts into a single Roosevelt Road and 17th Avenue TIF district. | File
Saturday, December 10, 2022 || By Michael Romain || @maywoodnews
Broadview plans to consolidate two existing tax increment financing (TIF) districts into a single district in a move designed to spur economic development and infrastructure improvements along Roosevelt Road — the village’s main commercial corridor.
During a public hearing held Dec. 5, Pete Iosue, a consultant with Evanston-based Teska Associates, the firm that’s facilitating the process, said the new Roosevelt Road and 17th Avenue TIF district would include properties that are already located inside of the two existing Roosevelt Road and 17th Avenue TIF districts.
Currently, the 17th Avenue TIF district spans north-south, from Bataan Drive to just past Fillmore Street. The Roosevelt Road TIF east-west from 9th Avenue to the railroad tracks.
“All of the properties we’re talking about here tonight for this new TIF are already currently in a TIF district right now,” Iosue said. “ All we’re trying to do right now is combine them into one.”
He said the project area includes properties that “front on Roosevelt Road, from 17th going east to 9th, and properties that front on 17th, from Roosevelt north to the highway.”
The 17th Avenue and Roosevelt Road TIF districts were established in 2009 and 1999, respectively. Each TIF has a lifespan of up to 23 years, after which they can either be extended for another 12 years or terminated early by the municipality. Another Broadview TIF district, the 19th Street TIF district, was established in 2008, according to Cook County TIF data.
TIF districts don’t create additional property taxes and don’t freeze any property owner’s taxes; rather, during their lifespans, the initial taxable value of the property located in TIF districts is “frozen” in place.
“Taxing districts within the TIF have access to only the ‘frozen’ value when their tax rates are calculated,” according to a TIF primer produced by the Cook County Clerk’s office.
“If there is any increase in EAV within the TIF, the Clerk will then calculate that value growth, or ‘increment’, that occurs in a TIF each year. That increment is multiplied by the composite tax rate of all the taxing districts in the TIF to establish the amount of incremental revenue to be directed to the TIF.”
Municipalities can then use that incremental revenue to pay for a variety of activities designed to improve the area within the TIF, which is typically designated as blighted and lacking sufficient economic activity.
Your support is welcomed!
We are accepting donations so that we can continue bringing you quality reporting on the issues that matter most to you and your community!The funds can be spent on activities like building rehabilitation, property demolition, site preparation, utilities and road improvements and environmental cleanup. Although funds can be spent on business facade improvements and remodeling, the funding cannot be spent directly on funding new private construction costs, Iosue said.
He added that the main reason the village is seeking to consolidate the 17th Avenue and Roosevelt Road TIFs into a single TIF is to address the deteriorating buildings, inadequate utilities, lack of planning and declining property values in the area.
Iosue explained that there’s a significant need for alley improvements, street repairs and water main repairs along Roosevelt Road. He added that a lack of planning in the area has resulted in “irregular parcel sizes [and] improper platting of parcels and rights-of-way,” among other consequences.
Iosue also pointed out that the equalized assessed value (EAV), an indication of the area’s total taxable value, has declined in three of the last four years.
During the Dec. 5 public hearing, Broadview Mayor Katrina Thompson said the village has no plans to dispel any residents or by any residential property located in the proposed consolidated TIF area. She added that any future development proposals would be subject to full village review, which typically includes public hearings and review by the village board.
Before the village board approves the TIF proposal, it has to be reviewed by a Joint Review Board that includes nine taxing bodies, including Cook County, Broadview, Proviso Township, the library and park districts, and the elementary, high school and community college districts. The Joint Review Board unanimously voted in November in favor of recommending the TIF proposal be approved by the village board.
Most of the community members present during the Dec. 5 hearing spoke in favor of the proposed TIF district. Some attendees, including Mayor Thompson, pointed to current developments on Roosevelt Road, including the Broadview Family Restaurant at 2417 Roosevelt Rd., that were helped by TIF funding.
“A lot of our infrastructure improvements up and down that corridor were because of the TIF funding,” said Matthew Ames, Broadview’s public works director who said he was speaking as a resident. “We were creative most certainly in getting federal, county and state dollars, but that alone is not enough to do the improvements that are necessary for our infrastructure.”
Before the TIF proposal goes to the village board for final approval, there needs to be a housing impact study conducted. The proposal also requires the approval of three difference ordinances. The village will hold another public hearing on the matter on Dec. 19, 6:30 p.m. at Broadview Village Hall, 2350 S. 25th Ave. in Broadview.
See the full Dec. 5 public hearing here.
