Submitted By
Tammie Grossman, Development Customer Services Director
Reviewed By
CLP
Agenda Item Title
Title
Discussion regarding the Madison TIF Increment Funds and Redevelopment of Madison Street.
End
Overview
Overview
On February 23, 2015, the Village Board approved a motion directing the Village Manager to Prepare the Necessary Actions to Schedule a Madison Street Study Session in April 2015 for the Evaluation of the Madison TIF Increment Funds and eligible TIF expenditures; Village owned properties in the Madison TIF and economic opportunities; and Public Infrastructure needs associated with Madison Street. Staff has prepared a power point presentation for the Study Session to provide information related to the TIF inclusive of economic development information prepared by the Oak Park EDC who will jointly participate in the Study Session presentation.
End
Anticipated Future Actions/Commitments
Recommendation
Subject to the consensus of the Village Board, staff will prepare the necessary actions for Board approval to move forward with specific actions related to public infrastructure and development of Village owned properties for final Board approval.
Body
Report
The Madison Street TIF was adopted by the Village Board on February 6, 1995. The approval consisted of three documents; 1) Approval of a Tax Increment Redevelopment Plan and Redevelopment Project; 2) Designating the Madison Street Business Corridor Redevelopment Project Area pursuant to the Real Property Tax Increment Allocation Redevelopment Act, and 3) Adopting Tax Increment Allocation Financing for the Project Area. On March 6, 1995 the Village of Oak Park entered into an Intergovernmental Agreement with School District #97 regarding the distribution of TIF funds and Reimbursement for Lost Revenue. The agreement states that the percentage of such loss to be reimbursed annually based on the percentage of total tax increment collected from real estate loca...
Click here for full text