Requested Action

 
In order to facilitate redevelopment of Tax Increment Financing District #4, staff is recommending an amendment to the Tax Increment Financing District #4 Redevelopment Plan and Project by amending the Future Land Use Map for approximately 18 acres within the TIF district. The proposed recommendation is to amend the Future Land Use Plan from Commercial to Mixed Use. 

 
Attached is the proposed Ordinance and Amended Redevelopment Plan. 

Please note that since this Amendment was made public, there are minor edits to the Amendment simply to change reference to this amendment from “Second” Amendment to “Third” Amendment, as there have been two previous amendments to the TIF 4 Redevelopment Plan (these two previous changes are now both listed on the second page of the proposed amendment).

The Joint Review Board, which consists of several taxing districts including  School District's 59 and 214, recommended approval of this amendment 6 to 0 at their January 12, 2021 meeting.

 
Recommendation

A public meeting was held by the Redevelopment Commission on February 10, 2021 where Commissioner Green moved and Commissioner Sigalos seconded:

A motion to recommend to the Village Board of Trustees, approval of RC#21-003, the proposed Third Amendment to the TIF District No. 4 Redevelopment Plan and Project.

Roll Call Vote:  Commissioners Green, Sigalos, Warskow, Dawson, Lorenzini, Drost, and Chair Ennes voted in favor.  Motion carried.