The Village of La Grange Park sought to explore whether to designate one or more of several commercial and industrial areas as potential TIF and/or Business Districts. SB Friedman was engaged to evaluate TIF eligibility and potential TIF and Business District increment generation in five study areas.
The study areas included three separate commercial districts along the 31st Street Corridor, a commercial and residential area including the Village’s primary shopping center, located east of La Grange Road between Oak Avenue and Brewster Lane, and an industrial corridor located north of 31st Street, between Barnsdale Road and the IHB Railroad right-of-way. SB Friedman conducted TIF eligibility analyses, prepared revenue projections and a debriefing document, and provided implementation guidance for each of the five areas.
Building on the preliminary eligibility analysis, SB Friedman was later engaged by the Village to designate two of the study areas as TIF districts. For each area, we conducted formal eligibility studies and drafted redevelopment plans. We found that improved parcels in all of the areas suffer from lack of growth in equalized assessed value (EAV); presence of structures below minimum code; and inadequate utilities. We also assisted in the noticing and public approval processes required for TIF district designation/amendment under state law.
SB Friedman also conducted formal Business District eligibility studies, prepared Business District plans for the four commercial study areas, and led the Village through the public approval process.
Results: The Village Board approved the two TIF districts and four Business Districts in early 2017.