The West Chicago City Council approved three enabling ordinances allowing the creation of the Downtown TIF District 2. The link to the meeting agenda can be found here: City Council Meeting Agenda: March 7.
About Downtown TIF District 2
Within the approved Redevelopment Plan Area and TIF District #2 the City of West Chicago will implement a set of actions to promote redevelopment. These actions may include, but are not limited to:
- preparation and clearance
- property or property interest purchase
- provision of public infrastructure and related public improvements and rehabilitation of structures
- interest rate write-downs
- job training
- encouragement of redevelopment agreements
- assisting in the clean-up of any hazardous waste, hazardous substances or underground storage tanks as required by State or Federal law where these are a material impediment to redevelopment
- addressing any flooding problems
- improving opportunities for further development and redevelopment within the TIF District
The City will realize the goals and objectives of the Redevelopment Plan and Project through public finance techniques including, but not limited to, tax increment financing.