Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ID 17-491    Name:
Type: Report Status: Consent Agenda
In control: President and Board of Trustees
On agenda: 6/12/2017 Final action:
Title: Presentation of Reports Regarding the North Avenue and Roosevelt Road Business Corridor Studies - Economic Development Financing Opportunities
Attachments: 1. Roosevelt Road Funding Report, 2. Village Board Agenda 5-2-2016 Roosevelt Rd, 3. Staff Recommendation 2016 Roosevelt BID, 4. North Avenue Funding Report
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Submitted By                     

Tammie Grossman, Development Customer Services Director 

 

Agenda Item Title

Title

Presentation of Reports Regarding the North Avenue and Roosevelt Road Business Corridor Studies - Economic Development Financing Opportunities

 

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Overview

Overview

This presentation will review two reports that analyzed options for public economic development programs along the North Avenue corridor and the Roosvelet Road corridor.  Specific programs reviewed include a Tax Increment Financing (TIF) District, Special Service Area (SSA) and Business Improvement District (BID).

 

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Anticipated Future Actions/Commitments

Recommendation

This is an informational presentation which will further be discussed and reviewed as part of the upcoming FY18 budget process.  No discussion or action is requested of the Finance Committee at this time.

 

Body

Report

Staff sent a Request for Qualifications (RFQ) to four regional financial analyst firms relative to conducting the study.  The primary purpose of this study was to determine what financial incentive opportunities are available for each corridor in order to review options with the corridor, interested residents and businesses in the corridor and subsequently provide the Village Board with a recommendation for their consideration. 

 

Ehlers Inc. was selected from the for both reports. The Roosevelt Road report was presented to the Village Board during a Special Meeting on September 8, 2014.  On May 2, 2016, the Village Board reviewed the option presented for Roosevelt Rd again (TIF, BID, and SSA).  Staff had recommended the creation of Business Improvement District (BID), however the Village Board made no final decision. The Village Board wanted additional time to review that recommendation and wanted to consider similar options related to North Ave.  Ehler Inc. recently completed the companion study for North Avenue and at the same time, updated the intial Roosevelt Road study.

 

Prior to the FY18 budget process, staff will meet with the applicable business districts for each corridor.

 

Alternatives

This is an  informational report only and no action is requested at this time.