The Homewood Village Board approved a budget amendment and agreement at the May 26 meeting to evaluate the North Halsted Tax Increment Financing (TIF) District’s ability to support future bond issuances aimed at funding redevelopment projects.

According to Homewood Assistant Village Manager Terence Acquah, TIF districts are economic development tools used to encourage investment in blighted areas. Tax revenue generated within the district is set aside to help fund public improvements and redevelopment projects within that area. 

Under the approved agreement, the village is hiring Chicago-based S.B. Friedman Development Advisors, which has over 36 years of experience. The firm will conduct a feasibility analysis of the district’s long-term revenue-generating potential and determine its ability to support TIF-backed bonds. The study will cost $29,700, requiring a $9,700 budget amendment in addition to the $20,000 already allocated in the North Halsted TIF Fund, Acquah said. 

The study will be led by Geoffrey Dickinson, a partner with the firm who previously presented Homewood’s “Hot Topic” discussion on TIF financing, he said.

The North Halsted TIF District was established in February 2025 and will expire in February 2048. It covers approximately 236 acres along the Halsted Street corridor. The district includes a mix of commercial and retail properties and parts of the Izaak Walton Preserve. It also  includes the former Walmart site, which has remained vacant since the store closed in 2023, Acquah said. 

“I love that village staff has gotten super creative with trying to acquire this property [Walmart] or just even have a solution for this property,” Homewood Trustee Lauren Roman said.  

According to Acquah, TIF bonds are used to help fund redevelopment projects. The bonds are repaid using future increases in property tax revenue generated within the TIF district as redevelopment occurs and property values rise. 

Roman inquired if there is a certain percentage of an estimated projection for a TIF that can be used as a bond. 

Dickinson said yes, and that a preliminary analysis would be conducted to determine the amount available after accounting for other costs. 

The first round of projections is expected to take about 30 days to analyze, Dickinson said. 

Once the study is complete, village officials will have a better understanding of how much debt the district could support and how much funding potentially could be generated through a bond issuance, Acquah said.