Riverside officials won’t make a decision on whether to create a tax increment financing (TIF) district for the village’s downtown area until at least March 2007. But residents can learn more about the basics of the proposed TIF at meetings scheduled in the coming weeks.
On Nov. 9, Village Manager Kathleen Rush and representatives from Kane, McKenna & Associates will brief members of village commissions, school districts and Riverside Township on the TIF issue. Residents are invited to attend that meeting, although Rush said no input will be sought from people outside of those specifically invited.
On Nov. 21, however, the village will host an open public meeting intended to serve as a conversation on the TIF issue between officials and all members of the community who wish to attend.
Both meetings will be held at 7 p.m. at the Riverside Township Hall, 27 Riverside Road.
The meetings come in the wake of the TIF Redevelopment Plan issued to members of the Riverside Board of Trustees in mid-October. The plan includes information on all aspects of the TIF, including its boundaries, projects contemplated using TIF funds and a housing impact study.
Because there is a specific sequence of events that the village must adhere to in order to establish the TIF, the process will continue to move slowly. In December, the village will set the date for a meeting of the Joint Review Board, which will include representatives from all taxing districts within the village. The Joint Review Board meeting is likely to take place some time in January, according to Rush.
“This is by no means a fast process,” Rush said. “There’s plenty of opportunity for people to learn about the TIF and plenty of opportunities for public input.”
Since village trustees gave the go-ahead to pursue the concept of creating a TIF in the downtown business district, it has drawn fire from some groups within the village, including the Frederick Law Olmsted Society and the Riverside First organization.
Both groups have sounded the alarm with respect to the TIF boundaries, which include village park land and the riverfront. Opponents have maintained that the village will have the ability to claim property using eminent domain to accomplish TIF district goals, such as creating off-street parking and a community center.
As the opposition’s voice has grown stronger, the village has sought to allay those fears. In a memo to trustees dated Oct. 18, Rush recommended that the TIF document include provisions barring certain actions.
With regard to development within Swan Pond, Rush recommends that the document “include[s] a statement that no private development will occur on any parks … but the TIF increment can be made available for certain public improvements in accordance with the act and subject to board approval.”
Rush also recommends adding a policy statement regarding the Riverside Swim Club, which also falls within the TIF boundaries, prohibiting “any private development” unless approved by the club.
Rush in her memo also asks trustees to look at the TIF boundaries again, and recommends removing West Avenue from the district. Rush confirmed last week that the new Village Center Development under construction at 13-15 Longcommon Road would not be included in the TIF district.
The TIF Redevelopment Plan outlines some $20 million in estimated project costs over the 23-year life of the district, including land acquisition and assembly, demolition and related costs, construction of public improvements and administrative expenses.
In terms of land acquisition, the TIF plan contemplates the village acquiring land at 56, 60, 62 and 64 Pine Ave., which includes 11 housing units. That site was eyed in the village’s Transit-Oriented Development study as a possible location for a parking structure. The report mentions no other property acquisition by the village.
