Chicago’s Mount Prospect Neighborhood Considers New Tax Increase Funding District


(Mount Prospect, iStock)

Chicago’s northwest suburban village of Mount Prospect wants to create a tax-raise funding district to spur development and investment in the city’s south end.

The village council passed an ordinance that sets two meetings for the tax increase funding district: one on March 22 when the Joint Review Board will meet with various TIF-affected tax districts and another on April 19. to hold a public hearing on the proposal.

“For many years we have spoken of South Mount Prospect as such a land of opportunity,” said Mount Prospect Mayor Paul Hoefert. “Use this tool [tax increment financing]like we used it downtown…is an important thing to do,” he added.

Tax increment funding allows local governments to invest in public infrastructure in advance while freezing taxes within the district at current levels. Any additional property tax revenue generated by new development is directed to a special fund controlled by the village and used to pay for improvements within the boundaries.

In recent years Mount Prospect has incorporated a number of parcels expanding the south side of the village. The need for infrastructure development, such as roads with bicycles and pedestrian access, prompted the need for a tax increase district.

The proposed TIF area is bounded on the north by Dempster Street, on the west by Busse Road, on the east by an area just west of Elmhurst Road and on the south by Oakton Street. Properties in the TIF district include a $2.5 billion data center complex at the former United Airlines headquarters. Village board members are due to vote on final approval in May.

[Daily Herald] – Connie Kim


Comments are closed.