The Homewood Village Board approved multiple ordinances at the May 12 meeting related to the Harwood Transit-Oriented Development (TOD) Tax Increment Financing (TIF) District, including redevelopment plans, district boundaries and parcel adjustments.
The first ordinance approved at Tuesday’s meeting was for the removal of parcels.
According to Noah Schumerth, Homewood interim director of economic and community development, the approved amendment removes 34 parcels from the existing Downtown TOD TIF redevelopment project area and places them within the new Harwood TOD TIF District.
The board also approved the area and establishment of the Harwood district, which includes Pine Road to the north, Ridge Road to the south, Dixie Highway to the east and the Metra Electric and Amtrak rail lines to the west. It also includes village hall property, vacant sites and other village-owned properties that could be used for future redevelopment efforts, Schumerth said.
The removal of the parcels will allow development and investment projects within the Harwood district to have up to 23 years of TIF, which increases the economic potential of future projects, he said.
According to Schumerth, the amendment does not trigger additional notice or hearing requirements since it does not alter land uses, district costs or the nature of the district.
The redevelopment plan for the new district was also approved.
The village worked with Chicago-based Ryan LLC to review requirements and prepare a redevelopment plan for the district, which was presented to the board at the April 14 public hearing. The presentation explained how the district will contain 34 parcels with 18 buildings across 18 acres, including the two sites the village is working to redevelop, 2066 Ridge Road and 2024 Chestnut Road.
TIF eligibility factors and other elements of the proposal were also evaluated, and were found to meet the criteria for under state law, Schumerth said.
The goal of the Harwood district is to encourage redevelopment of underutilized properties, support mixed-use development and fund infrastructure improvements in the downtown area, he said.
Related stories:
Homewood explores new downtown TIF option (Sept. 19, 2024).
Residents of Homewood oppose Harwood Avenue TIF District at April 8 public hearing (April 15, 2025).
