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[Read More…]
Tag: TIF district
Homewood board approves redevelopment plans for Harwood TOD TIF District
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[Read More…]
Homewood receives six proposals for property redevelopment of two locations
The village received six responses to their request for proposals for redevelopment of 2066 Ridge Road and 2024 Chestnut Road, which were presented to the Homewood Village Board at the Dec. 10 meeting. The window for proposal submissions was eight weeks, from Sept. 25 to Nov. 21. Proposals were open[Read More…]
Flossmoor Board approves adoption of the FY 24-25 audit
The Flossmoor Village Board accepted a positive FY 2024-2025 audit with the best possible rating at the Oct. 20 meeting. Finance Director Ann Novoa said another unmodified opinion on the audit, the highest form of opinion, was outstanding. “(This) achievement that came out of the audit for the village is for[Read More…]
Homewood approves incentive payment to Stoney Point Grill
The Homewood board approved a budget amendment Tuesday, March 11, that will enable the village to make the second payment in the Stoney Point Grill incentive package. The $85,000 payment is one of six the village agreed to pay as part of an $850,000 incentive package, more than half the[Read More…]
Southgate TIF district expired and is officially terminated
The Homewood Village board officially terminated the 23-year-old Southgate tax increment financing (TIF) district at the Dec. 10 meeting. The TIF was established in 2000 and officially expired in December 2023. TIF districts are designated areas where a portion of the property taxes are used to fund projects to support[Read More…]
Homewood takes first step toward establishing a TIF at former Walmart site
Homewood trustees unanimously approved a contract with Ryan LLC to begin the process of establishing a new tax increment finance (TIF) district on the west side of Halsted Street, south of 175th Street, including the former Walmart store property. There were no questions or comments about the contract from trustees[Read More…]
Walmart says Homewood store will close, failed to meet financial expectations
Walmart officials announced on Wednesday that the Homewood store at 17550 Halsted St. will close on March 10 because its financial performance has not met company expectations. “This decision was not made lightly and was reached only after a thorough review process,” said Felicia McCranie, communications director for Walmart in[Read More…]
Tax levy, 2 proposed businesses on Homewood trustees’ agenda
Owners of two proposed businesses will have requests on the Homewood Board of Trustees agenda during its regular meeting Tuesday, Oct. 27. The board will also hear a presentation on the draft 2020 real estate tax levy and consider ordinances to formally establish a downtown TIF district. Zenovia Love is[Read More…]
Flossmoor seeking proposals for commercial development
Flossmoor officials have extended the deadline to submit commercial development proposals for vacant property in the village’s southwest corner. The village is looking to develop just under 29 acres (17 parcels) of the 36 acres it owns in the former tax increment financing district (TIF) near Meijer.
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