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HomeMy WebLinkAbout1686_001V i'll'age of 6,-&junt Prospect Mount Prospect, Illinois INTEROFFICE MEMORANDUM TO: TERRANCE Lt BURGHARD, VILLAGE MANAGER FROM: COMMUNITY DEVELOPMENT STAFF SUBJECT: COMMUNITY OF THE WHO PRESENTATION TAX INCREMENT FINANCING STUDY Ii ily a JULY 19, 1984 The staff 'is prepared to discuss with the Community of the Whol4 and other interested parties, the current status of the Tax Increment Financing Study. Upon approval of the contract with the firm of Trkla, Pettigrew, Allen and Payne, we indicated that periodic status reports would be presented and the contract specifically discusses this workshop part way through the analysis. The staff, with the assistance of T*P,A.P., has been completing invest igat ions of the Tax Increment Financing Study area. This study area was identified by our Department 'in an attempt to consolidate all of the commercial activity 'in and around the Central Business District along with adjacent resi- iential units. In this way we could 'identify what impact any ievelopment would have within the core and surrounding areas, 0 - The staff has been analyzing the study area to determine justi- fication of Tax Increment Financing under the State Legislation. Fourteen major factors are cited in the State Code 'in order to qualify our downtown, or a portion of the Central Business District, as a Tax Increment Financing District, The presentation before the Committee of' the Whole 'is 'intended to give the Board an update on how the study has progressed and to request direct -ion on the continuation and completion of the analysis,@ We would suggest that the primary purpose of the meeting next Tuesday is to supply the Committee and 'interested parties with information on the mechanics of Tax Increment Financing, the factors that must be justified before its use, and the status and direction of the investi`,8a—tton. As you will recall the contract calls for a fin I a, 1 report, to be prep(ared and endorsed by the Village Board prior to consideration of any redevelopment potential within the Centrall Business. Dist'rilct, Presuming the Committee endorses this status report, we would a then move toward completion of the Tax Increment Financing report, zmwl 1 Village f 1*,.ount Prospect Mount Prospect, 111*1nois TO: TERRANCE L. BURGHARD, VILLAGE MANAGER FROM*- COMMUNITY DEVELOPMENT STAFF SUBJECT: FACADE IMPROVEMENT PROGRAII STATUS REPORT JULY 19s 1984 One of the 'items on the Committee of the Whole Meeting for Tuesday, July 24, is an update on the Facade Improvement Program,, 0 This has been one of our most successful downtown projects since we have concentrated our efforts in the Central Business District. As you know, we have authorized three demonstration projects. These included the Briar Squire Smoke Shop, Mother's Pinball, and the Submarine Express. it was felt that these were projects that were ready to be improved and were 'in prime, 19 41 # visible locations; generating interest from the remainder of the downtown area. The first project completed was the Briar Squire Smoke Shop. This has been our most ambitious project to date and was the first completed. Mother's Pinball is now under construction ano the Submarine Express will be beginning in late Summer, We have authorized additional design work for six other projects. These include the Busse Car Wash, Sakura Restaurant Buildiong, Town and Country Barber and Flower Shop, Danneo's Building, Winkelmann's Service Station, and Clyde Federal Savings, These last six projects were authorized on the basis of a priority system set up by staff, We have an additional nine projects that .w. filed applications but which we were unable to authorize at this time because of a lack of funding, In addition, we have eight other owners 'in the downtown that have expressed interest in the program but have not yet filed applications. We are very pleased at the success of the program thus far and we feel that you will be seeing some major improvements in the near future throughout the Central Business District.