HP Looks at 3 New TIF Possibilities

Highland Park city administrators are seeking the city council’s approval to authorize TIF eligibility studies for three areas in the city

A consultant could be authorized to see which areas of downtown could qualify as blighted and be eligible for assistance in addition to the Briergate business district near Deerfield Road and Route 41 and the area that borders Highwood near Waukegan Avenue and Bloom Street, according to the Highland Park News.

The studies would cost about $40,000, and be part of the city’s proposed 2016 budget if approved. It will determine if these areas meet five of the 13 criteria necessary to become TIF eligible. Those factors include obsolescence, dilapidation and declining assessed values.

When TIF approved, property taxes are frozen in the area to support taxing bodies such as parks and schools while any new revenue from redevelopment would be used to improve infrastructure and other needs.

more via the Highland Park News