HomeMy WebLinkAbout8.1 This Public Hearing, called pursuant to a proper legal notice having been published in the Daily Herald on April 1, 2022 and April 8, 2022 is for the purpose of presenting the proposed designation of a redevelopment project area and the proposed approMr�GauC �'d'+rt;�iect
Subject This Public Hearing, called pursuant to a proper
legal notice having been published in the Daily
Herald on April 1, 2022 and April 8, 2022 is for
the purpose of presenting the proposed
designation of a redevelopment project area and
the proposed approval of a redevelopment plan
and project in relation thereto, for the proposed
South Mount ProspectFinancing
Distinct pursuant to the provisions of the "Tax
Increment Allocation Redevelopment Act,," 65
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Meeting April 19, 2022 - REGULAR MEETING OF THE MOUNT
PROSPECT
■ O I E • • .
Fiscal Impact
Dollar Amount
Budget Source
Category NEW BUSINESS
Type Discussion Item
The Village of Mount Prospect (the "Village") is holding a public hearing to establish the
South Mount Prospect tax increment financing ("TIF") district to serve as an economic
development tool and promote the revitalization of land in the southern portion of the
Village.
Project History
The Village engaged SB Friedman Development Advisors ("SB Friedman") in October 2021
to conduct a Redevelopment Project Area feasibility study and prepare a Redevelopment
Plan and Project (the "Redevelopment Plan"). This document serves as the Eligibility Report
and Redevelopment Plan (together, the "Report") for the proposed South Mount Prospect
Redevelopment Project Area ('South Mount Prospect RPA" or the "RPA").
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This report was completed and posted publicly on the Village website and available via the
Village Clerk's office since Friday, February 18, 2022. The webpage also included an
interested parties registration form.
At the March 1, 2022 Village Board meeting, the Village Board adopted an Ordinance which
established the Public Hearing date of April 19, 2022, as well as a date for the meeting of
the Joint Review Board (JRB), which was held on March 22, 2022.
On March 8, 2022, the Village Board held a discussion on the South Mount Prospect
Redevelopment Project Area Tax Increment Financing District Eligibility Report and
Redevelopment Plan and Project during the Committee of the Whole meeting. Presentation
was given by SB Freidman and Bill Cooney, Director of Community Development.
The meeting of the Joint Review Board (JRB) was held on March 22, 2022. The JRB
consists of representatives of all the taxing bodies which fall within the proposed TIF
district area. At this meeting, the JRB voted to appoint a public member of the JRB (as
required by state statute), heard an overview of their statutory duties as a board, as well
as an overview of the proposed Redevelopment Project Area and the associated TIF
Redevelopment Plan and Project report. At the March 22, 2022 JRB Meeting, the Joint
Review Board voted unanimously (7-0), to recommend to the Mount Prospect Village Board
that the South Mount Prospect Tax Increment Financing District be created.
Additional background and access to related documents are also available on the TIF portal,
mountprospect.org/SouthMPTIF.
Report Details
Section 2 of the Report, the Eligibility Report, details the eligibility factors found within the
proposed RPA in support of its designation as a "conservation area" for improved land,
within the definitions set forth in the Illinois Tax Increment Allocation Redevelopment Act,
65 ILLS 5/11-74.4--1 et seq., as amended (the "Act"). Section 3 of this Report, the
Redevelopment Plan, outlines the comprehensive program to revitalize the proposed RPA,
as required by the Act.
The proposed South Mount Prospect RPA is located within the Village in Cook County. The
proposed South Mount Prospect RPA consists of approximately 129 tax parcels (127
improved parcels and 2 right-of-way parcels) and 81 primary structures. It comprises
approximately 505 acres of land, including 462 improved acres, and approximately 43
acres of right-of-way. The parcels included in the proposed RPA are roughly bounded by
Kopp Park, Busse Road, Oakton Street, and Elmhurst Road as illustrated in Map 2. Based
upon SB Friedman's research, the proposed RPA currently consists primarily of a mix of
industrial, commercial, residential, public institutional, and park/open space, as shown in
Map 3. In instances where there was common ownership, parcels that are primarily used
for parking were assigned the land use of the parcel that the parking serviced.
SB Friedman has found that the proposed RPA qualifies as a "conservation area" with 740/0
of the primary structures within the proposed RPA at least 35 years of age or older, and
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four (4) of the thirteen (13) eligibility factors were found to be present to a meaningful
extent and reasonably distributed within the proposed RPA. These conditions hinder the
potential to redevelop the proposed RPA and capitalize on its unique attributes. The
proposed RPA will benefit from a strategy that addresses the aged buildings, deterioration,
presence of structures below minimum code, inadequate utilities, and lack of community
planning to facilitate the overall improvement of its physical condition.
The overall goal of the Redevelopment Plan and Project is to reduce or eliminate conditions
that qualify the proposed RPA as a "conservation area" and to provide the direction and
mechanisms necessary to redevelop the proposed RPA as a vibrant industrial mixed-use
district. Redevelopment of the proposed RPA is intended to revitalize the area, strengthen
the economic base, and enhance the Village's overall quality of life.
Notification
In addition to the aforementioned meetings and postings, the Village sent certified mail
notices to all property owners in the proposed TIF area and regular mail notices to property
owners within 750' of the TIF area to ensure that they were made aware of the April 19th
public hearing. In addition, copies of the Redevelopment Plan have been available for
viewing in the Village Clerk's office since February 18th.
Staff and representatives from SB Friedman will make a brief presentation and answer any
questions raised at the hearing. Final action could be taken at the May 3rd Village Board
meeting when the Board will consider the adoptions of ordinances establishing the TIF
d istrict.
Alternatives
1. Hold the Public Hearing for the proposed South Mount Prospect Tax
Increment Financing District pursuant to the "Tax Increment Allocation
Redevelopment Act, "65 ILCS 5/11-74.4-1, et seq., as amended
2. Action at the discretion of the Village Board
Staff Recommendation
Hold the Public Hearing for the proposed South Mount Prospect Tax Increment
Financing District pursuant to the "Tax Increment Allocation Redevelopment Act,
"65 ILCS 5/11-74.4-1, et seq., as amended.
ATTACHMENTS:
Certification of publication - TIF public hearing 4 19 2022.pdf
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CERTIFICATE OF PUBLICATION
Paddock Publications, Inc.
Corporation organized and existing under and by virtue of the laws of
the State of Illinois, DOES HEREBY CERTIFY that it is the publisher
of the DAILY HERALD. That said DAILY HERALD is a secular
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date of the first publication of the notice hereinafter referred to and is of
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I further certify that the DAILY HERALD is a newspaper as defined in
"an Act to revise the law in relation to notices” as amended in 1992
Illinois Compiled Statutes, Chapter 715, Act 5, Section I and 5. That a
notice of which the annexed printed slip is a true copy, was published
()4a lfZQZZ,04/08/2022 in said DAILY HERALD.
IN WITNESS WHEREOF, the undersigned, the said PADDOCK
PUBLICATIONS, Inc., has caused this certificate to be signed by, this
authorized agent, at Arlington Heights, Illinois.
PADDOCK PUBLICATIONS, INC.
DAILY HERALD NEWSPAPERS
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AuthorizedmAgent
Control # 4580138
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CERTIFICATE OF PUBLICATION
Paddock Publications, Inc.
Corporation organized and existing under and by virtue of the laws of
the State of Illinois, DOES HEREBY CERTIFY that it is the publisher
of the DAILY HERALD. That said DAILY HERALD is a secular
newspaper and has been circulated daily in the Village(s) of
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and State of Illinois, continuously for more than one year prior to the
date of the first publication of the notice hereinafter referred to and is of
general circulation throughout said Village(s), County(ies) and State.
I further certify that the DAILY HERALD is a newspaper as defined in
"an Act to revise the law in relation to notices" as amended in 1992
Illinois Compiled Statutes, Chapter 715, Act 5, Section I and 5. That a
notice of which the annexed printed slip is a true copy, was published
t tJlZZQ?.ZJQ4/(�8/ZQ.ZZ in said DAILY HERALD.
IN WITNESS WHEREOF, the undersigned, the said PADDOCK
PUBLICATIONS, Inc., has caused this certificate to be signed by, this
authorized agent, at Arlington Heights, Illinois,
PADDOCK PUBLICATIONS, INC.
DAILY HERALD NEWSPAPERS
BY
Authorized Agent
Control # 4580138