The hearing for the North Halsted tax increment financing district (TIF) was held by the Homewood Village Board on Feb. 11. The board will hold a vote for the ordinances to officially establish the TIF district in March.
The taxing body representatives at the Joint Review Board on Jan. 6 granted their approval of the project.
Senior Economic Development Consultant Nina Coppola of Ryan LLC presented the board with information and a clear layout of the plan.
According to Coppola, the goal of the North Halsted TIF is to redevelop the site of the former Walmart, as well as other vacant buildings in the area.
The equalized assessed value (EAV) of properties in a TIF district stay in place for 23 years. The current EAV value of the area is about $16 million. The projected EAV value by the end of the TIF is between $30 million and $35 million, said Coppola.
According to Coppola, the TIF will cover the area between 175th Street on the north and Ridge Road on the south; Halsted Street on the east to Ashland Avenue on the west. It will include the Izaak Walton Preserve.
“If the lakes needed dredging, which is a very costly thing that was done probably 20 years ago, that could be a TIF eligible expense – so that benefits the Izaak Walton,” said Mayor Rich Hofeld.
“The village does not intend to seek commercial development of any land within the Izaak Walton Preserve,” Coppola said.
Homewood resident Liz Varmecky raised a question regarding if the board will approve a redevelopment project in Izaak Walton Preserve in the future.
“There’s a signed lease for the Izaak Walton, it’s a 99-year lease. It’s a contract. That’s why in addition to whatever anybody says up here, future boards and everybody else are obligated to honor that lease,” said Village Attorney Chris Cummings.
Coppola’s presentation also included the possibility for some of the TIF money to go towards stormwater improvements.
“Would the stormwater improvements go into Izaak, would it be filtered, or how would that work?” asked Varmecky.
“The entire Izaak Walton/ Prairie Lakes is a detention pond, so that’s the stormwater. As the mayor said, if it needs to be dredged to have more volume, that is a stormwater detention pond,” said Village Manager Napoleon Haney.
Varmecky also questioned the reason behind Kohl’s inclusion in the TIF plan.
“I believe the village is trying to look 23 years out. We all know that the retail environment is changing, and so at this point in time that’s why it was included,” said Cummings.
Coppola also added on to the explanation.
“Kohl’s has been shutting down a lot of stores lately. This particular Kohl’s was installed into an existing structure, which according to their model, is much bigger than their need. So the village was concerned about the long-term viability of Kohl’s,” said Coppola, adding, “since this is a 23-year plan, they wanted to capture that possibility.”
