Alderman Eyes TIF Funds for Downtown Office Renovations

An Elmhurst City Council committee will soon weigh the merits of using tax increment financing to redevelop offices in the City Centre.

"I was trying to think of a way to help existing property owners take an office that is a B or C grade and turn them into offices that are an A," 4th Ward Alderman Kevin York said Monday.

York proposes using TIF funds in the City Centre to assist property owners in renovating "dated office space into more attractive and relevant office space," similar to how the city entices potential retailers via the Central Business District Development Grant.

TIF districts freeze the assessed property values for all taxing bodies, except the city, for up to 23 years to encourage redevelopment in areas considered blighted. The city then uses the increased property tax revenue to pay for any public improvements or help finance redevelopment projects in the district.

York's idea comes as City Centre businesses affiliated with Elmhurst Memorial Healthcare prepare to move closer to the new Elmhurst Memorial Hospital at York and Roosevelt roads.

Elmhurst Clinic, located at 172 Schiller Street, could be among those moving, but hospital officials said final decisions have not yet been made.

"As we continue our master facility planning process, the future of the Schiller Street building is something that we will be considering," Elmhurst Memorial Healthcare spokesman Kyle Bauer said via e-mail. "No decisions, however, have been made at this point in time."

Although he has not finalized specifics, York does believe the initiative will be a cost-sharing program, with the city contributing less than 50 percent.

"It will be substantial to the land owner but not a giveaway by the city," he said.

The proposal heads next to the City Council's Development, Planning and Zoning Committee.