Brookfield’s village board will take another step closer to creating a tax increment financing (TIF) district at Eight Corners later this month when trustees vote to approve funding phase two of the process.
On Jan. 25, trustees are expected to OK an agreement with Kane McKenna and Associates, the village’s financial advisor, to complete a TIF redevelopment plan, which will also firm up the boundaries of the new TIF district.
While the area has some opportunities for redevelopment — including the former Brookfield Bowl property and a large site in the 3400 block of Grand Boulevard owned principally by the Methodist Church — one of the focuses of the new TIF would be to ensure that businesses already in the commercial district remain strong.
“We’re not looking to remake the entire Eight Corners district,” Village Manager Keith Sbiral said. “There are some key redevelopment sites there that would be beneficiaries of TIF, but we also have key businesses there in CVS and Tischler’s and some of the other local small businesses as well as the bank that are there, and we want to protect and make sure to make Eight Corners continue to be vital or more vital.”
Kane McKenna would complete the plan over the next six months, according to Nicholas Griefer, the village of Brookfield’s director of economic and community development.
Brookfield would pay the firm between $19,000 and $22,500 for the TIF Redevelopment Plan. The village used the services of Kane McKenna to create Brookfield’s first two TIF districts, the Ogden Avenue TIF in 2008 and the Congress Park TIF in 2011.
The village used Kane McKenna to complete the Eight Corners TIF Eligibility Report, which was delivered to the village board in October. That report determined the Eight Corners area met enough criteria to be considered eligible for TIF district consideration.
The village paid about $10,000 to have Kane McKenna complete the eligibility report.
As part of the phase-two process, Kane McKenna would work with the village to conduct public hearings on the TIF, including a gathering of what’s known as the Joint Review Board, which includes representatives from the various taxing bodies whose jurisdictions include the TIF area.
In the case of Eight Corners, members of the Joint Review Board would be drawn from Brookfield-LaGrange Park School District 95, Riverside-Brookfield High School District 208, Proviso Township, Triton College and Cook County.
Those parties are included in the TIF review process, because the creation of a TIF would freeze property assessment levels for those taxing bodies for 23 years. Any increases in assessments due to new development would be retained in a special fund that can only be used to fund TIF-related efforts within the TIF district.
Such efforts include things like property acquisition, infrastructure improvements or incentives to spur development.
The Joint Review Board will issue an advisory recommendation on whether to create the TIF district. The final decision on creating the TIF rests with the Brookfield Village Board.
If Brookfield trustees agree on Jan. 25 to move forward with phase two of the TIF creation process, any property owner within 750 feet of the area boundaries would be notified of the action.