Politics & Government

TIF Extension Could Fund Downtown Redevelopment

Revenues from Marquette district will help provide incentives to attract new business, fund capital improvements.

A section of the Route 53 corridor will continue to help the v fund capital improvements and provide incentives to bring businesses into the downtown area — at least for another dozen years.

Trustees last week voted to extend the Marquette tax increment financing (TIF) district for another 12 years. Established in 1989, the district was originally scheduled to expire in 2012.

But new state legislation is allowing the village to continue the TIF until 2024. Current state law allows municipalities to have 23-year TIFs. To extend a TIF to 35 years requires legislative approval.

Find out what's happening in Romeovillewith free, real-time updates from Patch.

The district is bounded to the north by the property lines of several parcels north of Enterprise Drive; to the east by Illinois Route 53, a portion of Joliet Road and Route 53 as extended south to the north property line of the property north of Ridgewood Avenue; on the south by the property line for several parcels along Parkwood Avenue north of Greenwood Avenue; and on the west by Parkwood Avenue as extended north and along the west property line of parcels west of Enterprise Drive.

By creating a TIF district, municipalities can essentially borrow against projected future tax revenues in the area, using the money to pay for everything from roads and sewers to beautification projects and incentives to encourage new businesses to move into the area.

Find out what's happening in Romeovillewith free, real-time updates from Patch.

Most recently, the Marquette TIF has provided $75,000 to allow the owners of the new restaurant to renovate the decades-old property. A similar deal will provide $240,000 to allow owners Milton and Nick Karounos to make improvements including parking lot striping, fencing, landscaping and an outdoor seating area.

Last winter , including the , the and DuPage Township, to extend the TIF. Each of those agencies will receive a share of the future tax revenues expected to come from growth within the TIF.

Late last year Community Development Director Steve Rockwell said there were 106 employers in the TIF, along with 2,100 jobs. Over the next 12 years, 486 new jobs are projected to be added to the TIF.

Village Administrator Steve Gulden said that because the Marquette TIF shares boundaries with the village’s downtown TIF, the revenue it generates can be used interchangeably to fund projects in both areas. That includes the planned downtown redevelopment.

“It’s a very important tool in the redevelopment of the east side [of the village],” Mayor John Noak said.

“This TIF will really help us in the future,” said trustee Jose Chavez.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here