Brookfield’s village board started the timer on the creation of a new tax increment financing (TIF) district for the Grand Boulevard commercial area, passing a resolution last week to set the dates for a meeting of the TIF Joint Review Board and a public hearing in the coming months.
The action sets the stage for the new Grand Boulevard TIF District to be officially adopted by the village board in late 2019. Municipalities use TIF districts to encourage redevelopment and provide incentives for developers as well as a means for financing things like infrastructure improvements and land assembly.
Property tax assessments within the TIF district’s boundaries are frozen for 23 years with respect to any revenue that is distributed to taxing bodies including the village, school districts, Cook County and others.
Any revenue derived from incremental increases in property assessments is held in a special TIF fund and can only be spent within the district for initiatives related to redevelopment.
The Grand Boulevard TIF’s boundaries are Grant Avenue on the north, the rear lot lines of commercial properties along Burlington Avenue on the south, Sunnyside Avenue on the west and the alley east of Prairie Avenue on the east.
Brookfield has three existing TIF districts, the Ogden Avenue TIF, which stretches the entire length of that commercial district within Brookfield; the Congress Park TIF, which includes the former Brookfield Moose property on the west side of the 4000 block of DuBois Boulevard and public rights of way surrounding it; and the Eight Corners TIF, which is centered on the Broadway Avenue business district.
After years of stagnation following the 2008 real estate crash and economic recession, the Ogden Avenue TIF, which was created in 2008, has started producing revenue that can be used to jumpstart redevelopment. In 2018, the TIF district generated a record $362,000 in annual revenue.
The Eight Corners TIF, created in 2016, generated nearly $400,000 in incremental revenue in its first two years of existence.
Also at the village board’s Sept. 9 meeting, trustees voted to set dates for the Joint Review Board and a public hearing for amending the boundaries of the Eight Corners TIF District.
The village proposes to enlarge that TIF district slightly, by including commercial properties in the 9000 block of Monroe Avenue.
For both the creation of the new TIF and the enlargement of the other, the Joint Review Board will meet on Sept. 25 at 3:30 p.m. at the Brookfield Village Hall, 8820 Brookfield Ave.
The Joint Review Board includes representatives from all of the taxing bodies within the TIF district, including School District 95, Riverside-Brookfield High School, Triton College, the village of Brookfield and Cook County. That board will make an advisory recommendation whether or not to create the TIF district. The village board has final say on the subject.
The public hearings for both the Grand Boulevard TIF creation and the Eight Corners TIF amendment, at which residents can provide input to the village board, will be held Oct. 28 at 6:30 p.m. at the Brookfield Village Hall.
Notice of those public hearings will be mailed to anyone within 750 feet of the TIF districts. Property owners within the TIFs themselves will receive notice of the public hearings via certified mail.