The end of the Roosevelt Road tax increment financing (TIF) district will result in additional property tax revenue next year for taxing bodies whose boundaries fall within the district.
The Forest Park Village Council voted unanimously, Nov. 27, to terminate the Roosevelt Road TIF District, effective Dec. 31. The TIF's 23-year term had expired. Trustees created a separate TIF district in 2015, called the Roosevelt Corridor, which was developed to completely refurbish the entire corridor from Harlem Avenue to Desplaines Street. The previous TIF did not cover the north side of Roosevelt Road.
Taxing bodies that stand to benefit from the termination of one of Roosevelt Road's TIF districts include school District 91, Proviso Township High School District 209, the Forest Park Public Library and the village of Forest Park itself.
Edward Brophy, assistant superintendent of operations, said D91 could receive anywhere from $280,000 to $320,000 in new property tax revenue while Leticia Olmsted, village finance director, estimated the village could receive an additional $99,000, and Pilar Shaker, library director, said the library could receive an additional $33,000. Officials of D209 did not respond.
Following creation of a TIF district, the equalized assessed valuation (EAV) of the property is frozen for taxing bodies whose boundaries include the district. Any property tax revenue generated by the increased EAV goes into the TIF fund to be spent on improvements in the district, generally infrastructure.
Since its creation in 1993, the EAV of the Roosevelt Road TIF District has increased from $1,570,380 to $6,748,617.
The TIF District was established in September 1993, but the village did not start collecting tax revenue for the district until the following year. The TIF district originally comprised the entire Forest Park Plaza Mall but was separated into just the Walmart property in 2002 when the Roosevelt/Hannah TIF District was established.
TIF is a tool that Illinois lawmakers gave local governments in 1977 to help them restore their most rundown areas or jumpstart economically sluggish parts of town. With this tool, financially strapped local governments can make the improvements they need, such as new roads or new sewers, and provide incentives to attract businesses or help existing businesses expand, without tapping into general funds or raising taxes.