By: Carol Kania Morency and Karen Chadra
Source: Elmhurst Patch
Elmhurst officials have been working on a plan for sharing the hoped-for rewards of a new tax increment financing district, known as TIF 4, with Elmhurst Unit District 205 and other local taxing bodies. Aldermen saw a draft proposal for that plan Monday night.
The proposed North York Street TIF would extend from Grand Avenue to North Avenue but would also include an area around Hahn Street and Addison Avenue that is currently part of TIF 1, which covers the central business district.
TIF districts freeze assessed property values for local taxing bodies for up to 23 years to encourage redevelopment in areas considered blighted. TIFs generate revenue through new construction in the district. The difference between the frozen property value and any new growth goes into a fund to pay for public improvements or help finance redevelopment projects in the district.
Read specific details about the plan here.