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Tax Increment Financing District - Green Bay Road Redevelopment Project Area
Redevelopment Plan & Project for the Green Bay Rd. Redevelopment Project
The Village’s Comprehensive Plan of 2008 envisioned a Green Bay Road Corridor that was transformed into a vibrant and attractive mixed-use pedestrian-oriented district reflecting the Village’s overall character and quality, which provides opportunities for alternative housing options for Village residents, and maximizes the opportunities to diversify and strengthen the tax base by maximizing revenue opportunities.
In the 11 years since the adoption of the plan, the vision for the corridor has not come to fruition. Over the past year, the Village Board has been investigating options to revitalize the long-stagnant business district. The option currently under consideration is a redevelopment plan and project for the Green Bay Road and Park Drive business district area, funded from the proceeds of a tax increment financing (TIF) district. Since the vision articulated in the 2008 Comprehensive Plan has not come to fruition on its own, the Village Board is now seeking vehicles to spur growth in the business district. It is hoped that, by making some strategic investments in the district, a seed of growth may be planted which will help revitalize the Green Bay Road and Park Drive corridor. A strong business district can help relieve pressure on residential property taxes and diversify the Village’s tax base.
If you are not familiar with what a TIF district is, please let me reassure you that it is not a method to increase property taxes at a faster pace than the non-TIF properties. A TIF district does not increase property taxes or change the amount of taxes you pay now or in the future. Rather, a TIF district is a financial tool that sets a base for today’s property taxes. Then, moving forward as property taxes increase for all properties in the Village, the entire increment (amount above the base) from within the TIF district boundary is directed to a special fund for use only within the TIF district. In essence, it is an economic development tool that allows the Village to set aside incremental property taxes to the benefit of the area within the district. Please consider reading the Green Bay Road Redevelopment Plan (linked below under “Documents”) to learn more about the effort.
The information contained herein is intended to provide those interested in learning more about the process of easy access to information. This page will be updated periodically as information is available. However, the TIF Act requires specific notifications and processes which shall serve as the official notifications from the Village.
As always, please feel free to call us with any questions that you may have.
|Joint Review Board||April 17, 2019 - 10:30 AM||Kenilworth Village Hall|
|Public Hearing||May 20, 2019 - 7:30 PM||Kenilworth Village Hall|