Politics & Government
North York Road TIF Boundary Change Could Be a Little Bit of Good News for Schools
Including two schools in the TIF shows "good faith" effort by the city, alderman says.
Work on three potential new in Elmhurst moved forward Monday night with a change to the boundaries of one area.
Studies in an area of North York Road, from North Avenue to Grand Avenue, will now include and within its boundaries.
Development, Planning and Zoning Committee Chairman and 6th Ward Alderman Steve Morley said including the two schools will give the city more flexibility in distributing potential fund surpluses to Elmhurst Unit District 205.
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The schools have to be within the TIF to receive any money in the fund but can get this money even before any surplus is declared, Morley added on Tuesday. The money can only be used on improvements at those two schools.
“It clears up the red tape a little bit and shows good faith with all the taxing bodies,” Morley said Monday.
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The , which was due to the poor economy earlier this month, also was drawn into the new North York TIF boundary presented to the City Council Monday.
The two other TIF districts under review encompass the intersection of York Road and Vallette streets and an area around Riverside Drive between Salt Creek and Route 83. According to Kane, McKenna and Associates, the consultants performing the work, all three areas qualify to be named as TIF districts.
In order for a redevelopment area to qualify as a TIF, the area must exhibit blighted or "conservation area" conditions. More than 50 percent of the buildings must be more than 35 years old and meet at least three of 13 other qualifying factors.
North York Street District, York and Vallette and Riverside Drive all meet TIF criteria of obsolescence, deterioration, deleterious land use, lack of community planning and a lag in equalized assessed value. North York also has excessive vacancies, another qualifying factor.
While Morley said the committee would continue working on a timeline for the study of the districts, he estimated Phase II, which includes outlining the type of redevelopment possible, along with cost estimates, could be done within six months. The city expects to pay Kane, McKenna and Associates between $60,000 and $75,000 for Phase II work.
Public hearings on the proposed TIF districts might begin in the summer, and the official forming of the TIFs could reach the City Council by fall.
