Forest Park is one step closer to launching a new Tax Increment Funding district at Franklin Street and Brown Avenue, with the goal of funneling money into the northeast corner of Forest Park and attracting a residential developer to buy a 2.6-acre property within the TIF.
Ahead of the Aug. 10 council meeting agenda, there was a public hearing for the Franklin-Brown TIF. This included one public comment and a presentation on the redevelopment plan from Ryan LLC, the village’s TIF consultant. The village council will vote whether to create the new TIF district at its Sept. 14 meeting.
“A TIF is a tool that a village can use to reach its economic goals,” said Adam Greer of Ryan LLC during the presentation. “At the time of the creation, the base property value will stay the same, and then all that [annual] extra value will go into the TIF area.”…