The Village is proposing to create the Prospect and Main Tax Increment Financing (TIF) District that would include commercial properties along Prospect Avenue and NW Highway and some properties that have been located in the Downtown TIF #1 District but that have not benefitted from reinvestment. The proposed boundary is depicted on the attached boundary map.
The Prospect and Main TIF would provide the Village with an economic development tool to encourage development on several key parcels in the downtown district and to address many of the key recommendations in the Village’s Downtown Plan. The key parcels include the Busse Triangle, the NW corner of Central and Main, 105 S. Main, the SW corner of Evergreen and Main, Chase Bank and the Parenti & Raffaelli block. In addition the TIF would provide funds to stimulate private investment in existing storefronts through the Façade Improvement Program and a funding source for infrastructure and streetscape enhancements in these areas.
The Village is pursuing the dissolution of the existing TIF and the creation of the proposed TIF to further its efforts to create a vibrant downtown district. The current TIF only has 5 years of term remaining which limits its capacity to stimulate investment in the key parcels noted above that are located in the existing TIF. By dissolving the current TIF and releasing the developed parcels, the Village is providing all impacted taxing districts $18.6 million of new tax base to support their operations. These parcels have increased in value by over 6 times since the inception of the TIF back in 1985, while the EAV in the entire Village increased 2.6 times in value, clearly demonstrating the value of the TIF. Properties located in the TIF that did not benefit from redevelopment actually declined in value by .5%.
Staff has met with impacted Mount Prospect units of government (District 57, District 214, Mount Prospect Park District and Library) to discuss the new TIF redevelopment strategy. Key concerns expressed by the School and Park Districts is the 23 year term of the TIF and the loss of future growth in EAV if the Village is successful in generating new development and investment interest in the District. After meeting with District 57 and Park District officials, the TIF boundary was adjusted to include Lions Park and Lions Park School as well as the Central Community Center so that TIF funds could potentially be used to enhance these properties.
Staff and the Village’s TIF consultant, SB Friedman Development Advisors, will make a presentation highlighting the many benefits that the Prospect and Main TIF would provide to the community and address questions/concerns that have been raised by residents and other taxing districts. The meeting will also provide interested stakeholders with an opportunity to ask questions and raise any issues that they may have related to the proposed TIF District.