June 25 vote on amending TIF settlement agreement

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By Terry Dean

Staff reporter

District 97 is scheduled to vote next week on whether to open the Downtown TIF settlement agreement.

D97 is scheduled to take action at its June 25 regular school board meeting on the proposed amendment. The village of Oak Park last month sent a letter to both Oak Park school districts, asking that the 2011 agreement be amended to allow Downtown TIF dollars to go toward developing the Colt-Westgate site.

District 200 has already stated its openness to amending the agreement.

Both school districts would benefit from tax revenue from newly-developed Colt-Westgate properties. D97 and D200 each could net $900,000 annually in property tax revenue once those properties come back onto the tax rolls, according to preliminary estimates from the village.

Contact:
Email: tdean@wjinc.com

Reader Comments

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Village Voice  

Posted: June 19th, 2013 12:23 PM

The strategy is that they have nothing to lose, doubly so: 1.) Thanks to the village's dabbling in real estate speculation, this site is a vast village-owned parking that that generates zero property tax revenue anyway. And 2.) We all know that the school districts (esp D200) have no problem jacking up taxes on the rest of us to make up for any shortfall. Thus, the village can finance its real estate speculation on our backs and blame the schools for high taxes.

dystOPia from OP  

Posted: June 19th, 2013 10:47 AM

What is the basis for D97 to return to the financial strategy of diverting property tax revenue to downtown development investment, essentially acting as a Real Estate Investment Trust? What has been the return on investment with TIF investments for D97 since 1983, as compared to alternate investments of the same amount over the same time span? What is the comparable tax revenue to simply having the village sell it's land assets and allow a developer to return the land to the property tax rolls?

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