HomeMy WebLinkAbout08/16/2016 Proposal for Professional Services for Tax Increment Financing District DesignationItem VIII. D.: MOTION TO ACCEPT PROPOSAL FOR PROFESSIONAL SERVICES FOR TAX INCREMENT
FINANCING DISTRICT DESIGNATION IN AN AMOUNT NOT TO EXCEED $30,375
Department:
Information:
Attached is a proposal from SB Friedman for professional services to determine the feasibility of creating a Tax
Increment Financing District (TIF) in the downtown area. The proposed services include conducting an eligibility
study, preparing a redevelopment plan, preparing necessary notices and completing the public approval process.
The Village Manager authorized the eligibility study phase of the contract under his authority and staff is now
requesting Village Board authorization to complete the entire scope of work to explore the establishment of a new TIF
district in the downtown.
If approved, the plan would be to disband the existing Downtown TIF that is set to expire in 2021 and to create a new
TIF, which would encompass a portion of the existing TIF area that has not experienced redevelopment in addition to
properties located further east and west along Northwest Highway and south of the railroad along Prospect Avenue.
The goals of creating the new TIF include providing an economic development tool to further development on key
downtown parcels such as Central and Main, the "small triangle" and Prospect and Maple Street, as well as offer
programs such as the Fagade Improvement Program to downtown properties that have not benefitted from these
programs to date.
Please forward this memorandum and attached proposal to the Village Board for their consideration at the August
16th Village Board meeting.
Alternatives:
1. Approve motion to accept proposal.
2. Discretion of the Village Board.
Budget Impact:
A budget amendment would be necessary to cover the costs of the proposal.
Recommendation:
Staff recommends that the Village Board approve the proposal.
SUPPORTS THE FOLLOWING STRATEGIC PLAN GOALS:
DEVELOPMENT: Balancing preservation, revitalization, growth, BUSINESS: Strong local economy, support for innovation,
entrepreneurialism and small business, COMMERCIAL BUSINESS DISTRICTS: Vibrant downtown and commercial areas
ATTACHMENTS:
Description Tyne Unload Date File Name
D Proposal Exhibit 8/12/2016 SBFriedman_Proposal.pdf