The Village Board is currently considering the establishment of the 55th Street Tax Increment Financing (TIF) District, a significant step towards revitalizing the area. Following productive discussions with local school districts, a revised map and Intergovernmental Agreement (IGA) have been meticulously prepared and are now ready for signature.
The proposed 55th Street TIF District is scheduled for its First Consideration before the Village Board on November 18th, 2024. This will be followed by a Second Consideration and potential Adoption during the Village Board meeting on December 16th. This initiative marks a pivotal moment for strategic community and economic development along 55th Street.
A Public Hearing regarding this proposal was previously held on September 16th at 6:30 PM at the Village Hall, allowing community members to voice their opinions and learn more about the project. The 55th Street Proposed TIF District encompasses a key area of the Village, generally situated along both the north and south sides of 55th Street, stretching from Western Avenue in the west to Holmes Avenue in the east. The district also incorporates specific parcels located on the east and west sides of Western Avenue and Bentley Avenues, along with the west side of Virginia and Clarendon Hills Avenues, all positioned south of 55th Street. Currently, this area is a mix of commercial and residential properties. The Village Board’s vote on this crucial matter is pending as they continue to collaborate with school districts to reach a mutually beneficial agreement.
Redevelopment Project Area Goals
The redevelopment of the Project Area presents substantial community benefits. Therefore, efforts are being directed to achieve the following key goals for the RPA:
- Mitigate or resolve the negative factors identified in the Qualification Report that are currently hindering private investment within the RPA.
- Reintroduce underutilized properties within the RPA into productive use, thereby strengthening and expanding the Village’s overall tax base.
- Foster high-quality development throughout the RPA, aligning with and advancing broader community and economic development objectives.
- Facilitate the complete redevelopment of the RPA within a realistic and well-defined timeframe.
Strategic Objectives for the RPA
To effectively achieve these goals, the following strategic objectives have been identified for the RPA:
- Actively promote the redevelopment of underutilized properties situated within the RPA.
- Establish mechanisms for the assembly or coordination of both private and public property to support viable redevelopment projects.
- Upgrade existing infrastructure and rights-of-way, including essential elements such as roadways, water mains, sanitary and storm sewer systems, sidewalks, streetscape aesthetics, traffic signal systems, and parking facilities.
- Undertake necessary site preparation activities, encompassing grading, demolition of structures, and environmental remediation efforts.
- Implement public investments that enhance the physical condition and visual appeal of the area, benefiting both public spaces (e.g., streetscaping and recreational areas) and private properties (e.g., building facades and signage).
The Village may pursue these objectives independently or through public-private partnerships, entering into redevelopment agreements to stimulate the revitalization of existing properties or attract new developments to the RPA.
Explore the Full Redevelopment Plan
For a comprehensive understanding of this initiative, please click below to access the detailed Redevelopment Plan.
For complete details, please refer to the 55th Street TIF Redevelopment Plan document linked above.
