The village of Brookfield on June 27 moved another step closer to creating a tax increment financing district in the Eight Corners area when village trustees voted to set the dates for a public hearing and a meeting of the joint review board, which comprises officials from all of the taxing districts in the TIF area plus a community member.
The joint review board, which will include representatives from Riverside-Brookfield High School District 208, Brookfield-LaGrange Park School District 95, Proviso Township, Cook County and Triton College, will meet on July 20 at 2 p.m. at the Brookfield Village Hall, 8820 Brookfield Ave.
At that meeting members of the joint review board will examine the proposed Eight Corners plan and issue an advisory recommendation on creating the TIF. If the joint review board recommends against the TIF’s creation, it would take a super-majority vote by the village board to create the district.
The public hearing, which also is required by law before a TIF district can be created, will be held on Sept. 12 at 6:30 p.m. at the Brookfield Village Hall. Members of the public can give input or express concerns about the TIF district prior to the village board voting to create the TIF, which will last for 23 years.
The earliest the village board could vote to create the TIF would be Sept. 26.
Village officials want to create the TIF district as a way to encourage development in the area, which would also help strengthen businesses that already call the area home.
Officials from other taxing districts are involved in the TIF creation process because those governmental entities would see their tax levies frozen in the TIF area for the entire 23 years. Only when the TIF expires will those taxing bodies see the full tax revenue resulting, hopefully, from higher assessments.
As development occurs and property assessments increase, the incremental tax dollars generated between the base line tax levy and the new assessed valuation of property will be kept in a special TIF fund and can be used only for certain purposes within the TIF area.
TIF funds can be used for such things are infrastructure improvements, streetscape improvements, land assembly and incentives for development.
The Eight Corners TIF includes a number of locations where the village would like to encourage new development or redevelopment, including the vacant Brookfield Bowl building, the large parcel of land at the corner of Grand and Broadway owned jointly by the Methodist Church and Linda Sokol Francis and the former Harps Realty property.
The TIF map also includes commercial properties that have anchored that business district for decades, such as First National Bank of Brookfield, Tischler’s Finer Foods and CVS.