Downtown Redevelopment Project Area
The City has an existing Downtown Redevelopment Project Area which was established in 2006 through the State of Illinois's TIF Act. The area was established to increase investments in the downtown and provide incentives for development. The total lifespan of a Redevelopment Project Area is 23 years. Since the downtown still has several properties which could still be redeveloped, the City has considered applying to extend the lifespan of the Downtown Redevelopment Project Area. After thoroughly researching the condition of the downtown and the extension process, the City has decided to apply to extend the lifespan as well as creating a second Downtown Redevelopment Project Area to expand the opportunities for investment in the downtown.
Downtown Redevelopment Project Area #2
The process for establish the Downtown Redevelopment Project Area #2 is underway. An Eligibility Report and Housing Study have been complete and can be viewed clicking the links below. The City will be holding several meetings to discuss the process, benefits, and effects of the new Redevelopment Project Area. The new Project Area will incorporate some of the parcels from the existing Downtown Redevelopment Project Area and will need to be removed before establishment. The following is a schedule of meetings which will be held to discuss the new Downtown Redevelopment Project Area #2:
- October 24, 2017 | Public Meeting | Overview of TIF process and Housing Study
- November 14, 2017 | City Council | Adopt the ordinance establishing the date and time of the public hearing
- December 12, 2017 | Joint Review Board Meeting | Meeting of Joint Review Board providing advisory recommendation
- January 9, 2018 | Public Hearing | Public hearing for the proposed establishment of the Redevelopment Project Area
- January 23, 2018 | City Council | Removed parcels from existing Redevelopment Area which will be added to new Project Area
- February 13, 2018 | City Council | Adoption and establishment of new Downtown Redevelopment Project Area #2
The dates above could change depending on feedback or unforeseen delays in the process. If you have any questions regarding the existing or new Redevelopment Project Areas, please contact the City at 630-553-4350.
The following are links to documents regarding the Downtown Redevelopment Project Area #2: