Title/Name/Summary
Orland Park Crossroads Tax Increment Financing District TIF Reimbursement Resolution
History
The Village intends to conduct a Tax Increment Financing (TIF) eligibility study for the the property generally at 9551 159th Street. The previous proposal from the developer of Crossroads included high-density residential rental property, several commercial out lots for restaurants and retail and a hotel. This proposal was denied by the Village Board in 2024.
The new proposal seeks to revitalize the currently dormant properties, provide for owner-occupied urban rowhomes, and add more commercial space. If the TIF is established, it has the ability to help fund the intersection improvements at 159th and 94th Avenue.
The Village intends to move forward with a feasibility study under the TIF Act to determine if the area at the 9551 159th Street may be designated as a redevelopment project area under the TIF Act. The developer has agreed to provide funds in an escrow account to cover the costs of the TIF study.
The developer will be expending funds for TIF Project Costs which, if the subject property is established as a TIF district, such costs may be reimbursable from the TIF incremental revenues generated from the property.
The resolution does not obligate the Village to create a TIF District. However it does provide for the potential reimbursement of the Village’s Potential Eligible Costs and the developer’s Potential Eligible Costs in the event a TIF District is created.
Financial Impact
The resolution allows for the Village's eligible costs to be reimbursed should a TIF District be created.
Recommended Action/Motion
I move to adopt a Resolution entitled: A RESOLUTION DECLARING THE VILLAGE OF ORLAND PARK’S OFFICIAL INTENT TO REIMBURSE EXPENDITURES (ORLAND PARK CROSSROADS TAX INCREMENT FINANCING DISTRICT).