Roosevelt Road TIFs Could Be Added, Expanded

Areas designated to spur redevelopment could grow in Forest Park as officials are looking to boost business opportunities along Roosevelt Road.

Two Tax Increment Finance Districts, or TIFS, have existed along the major traffic artery in south Forest Park for more than a decade. One was created to revitalize the Forest Park Mall. The other was used as an incentive to bring Walmart to the village.

But both TIFs are on the south side of Roosevelt. And many other parts of the roadway on the north side are in need of revitalization as well.

Toward that end, Forest Park wants to create two new TIFS and change another. One new zone would encompass both the north and south side Roosevelt from Hannah Avenue east to Harlem Avenue.

The second would take in the long-vacant Jerry Gleason Chevrolet property at the intersection of Roosevelt and Des Plaines and encompass other nearby pieces of land.

The TIF that would be changed would include the north side as well as the south side of Roosevelt from Hannah west to Des Plaines Avenue.

Kane, McKenna and Associates, a firm specializing in municipal and economic development financing will assess if Forest Park's plans have merit. A letter of intent was approved by commissioners Monday night.

It is nowhere near a done deal. It could take as long as six months to create the TIFs. And a lot of work has to go into this before ordinances come back to the commission, Village Administrator Tim Gillian said. Community input is an important component of this process and an awareness campaign also would be associated with it.

An assessment of the areas also need to be conducted to see if they could qualify.

Tax increment finance districts are a public financing method used to subsidize redevelopment and infrastructure improvements. The intent is to use future gains in property taxes to increase investment in areas that are underperforming. The completion of a public project often results in an increase in the value of surrounding real estate, generating additional tax revenue.

But to be considered TIF-eligible, an area must be deemed blighted, that it's in need of reconstruction and redevelopment. Forest Park also would have to show that these conditions will not be addressed without some local action.

The additional revenue can be used to buy property, improving infrastructure, demolishing buildings, preparing sites and other tasks.

Ideas for redevelopment projects much like ones used to spur redevelopment along Roosevelt in Berwyn and Oak Park could be a model for Forest Park, Gillian said.

There are no plans as of now to discuss the redevelopment work east of Harlem with officials from Berwyn and Oak Park, Gillian said.