Tax Increment Financing Districts
The Village of Oak Lawn established the 111th Street / Cicero Avenue TIF district in 2006. The intent of the Cicero Gateway Corridor TIF was to encourage the redevelopment of a blighted shopping center and related properties located at this prominent intersection within the Village. The Cicero Gateway Corridor occupies a strategic location within the Village of Oak Lawn. Although situated on a major regional arterial roadway in the region, the Project Area has experienced significant decline and obsolescence resulting in the Village having to acquire land, demolish buildings, and undertake improvements in order to make the area attractive once again for development.
Now eight years later, most of the study area is vacant, consisting of vacant land and buildings. The relatively undeveloped state of a large part of the Project Area, combined with declining equalized assessed values (EAV) since 2006, provides a significant opportunity for new tax revenue to support public improvements and financial incentives that will be required to achieve development as envisioned in the Village plans. To reverse the trend of decline the Village in 2012 issued $25 million in bonds to acquire property, demolish buildings and make the site ready for development, with repayment from TIF increment. However, with continuing decline in property assessed values, the ability for new development to generate sufficient new revenue for the TIF fund over the tax base established in 2006 to pay for the Village investment will not be achieved.
Now eight years later, most of the study area is vacant, consisting of vacant land and buildings. The relatively undeveloped state of a large part of the Project Area, combined with declining equalized assessed values (EAV) since 2006, provides a significant opportunity for new tax revenue to support public improvements and financial incentives that will be required to achieve development as envisioned in the Village plans. To reverse the trend of decline the Village in 2012 issued $25 million in bonds to acquire property, demolish buildings and make the site ready for development, with repayment from TIF increment. However, with continuing decline in property assessed values, the ability for new development to generate sufficient new revenue for the TIF fund over the tax base established in 2006 to pay for the Village investment will not be achieved.