Walmart closed its store at 17550 S. Halsted St. in March 2023, and now Homewood officials are considering establishing a new tax increment financing district on the west side of Halsted to help attract a developer to the site.
The Board of Trustees will consider a contract Tuesday, July 9, with Ryan LLC to conduct a feasibility study and create a redevelopment plan for the proposed TIF district. The board will meet at 7 p.m. in village hall, 2020 Chestnut Road.
The district would encompass properties on the west side of Halsted Street and south of 175th Street, including the former Walmart property, according to Village Economic and Community Development Director Angela Mesaros.
“The purpose of the TIF is to provide a flexible mechanism for incentivizing the redevelopment of the former Walmart at 17550 Halsted St.,” she said in a memo to the board. “It is important to note that any potential redevelopment project at or about the vacant Walmart site will require a financial investment by the village. This investment can be accomplished by the creation of a tax increment financing district.”
The proposed contract would include two phases: a review of qualification factors and implementation of a redevelopment plan. The estimated cost of the contract is $23,500, plus possible contingency costs of a little more than $3,500.
Related stories:
- Walmart wins Class 8 tax break, gets tough questions from Homewood residents (Aug. 23, 2015).
- It’s official: Tax sharing, easement agreement will help Glenwood deal with loss of Walmart (July 13, 2016).
- Walmart hiring about 200 workers for Homewood store (Sept. 26, 2016).
- Walmart opens new supercenter in Homewood (Oct. 27, 2016).
- Walmart says Homewood store will close, failed to meet financial expectations (Feb. 8, 2023).
- Homewood officials disappointed in Walmart closure, turn to seeking replacement (Feb. 9, 2023).
- Homewood trustees vote to suspend property tax relief for Walmart (April 3, 2023).
- Walmart equipment to be auctioned (June 19, 2023).
