The Village is proposing to create the Prospect and Main Tax Increment Financing (TIF)
District that would include commercial properties along Prospect Avenue and NW
Highway and some properties that have been located in the Downtown TIF #1 District
but that have not benefitted from reinvestment.
The Prospect and Main TIF would provide the Village with an economic development
tool to encourage development on several key parcels in the downtown district and to
address many of the key recommendations in the Village’s Downtown Plan. The key
parcels include the Busse Triangle, the NW corner of Central and Main, 105 S. Main, the
SW corner of Evergreen and Main, Chase Bank and the Parenti & Raffaelli block. In
addition the TIF would provide funds to stimulate private investment in existing
storefronts through the Façade Improvement Program and a funding source for
infrastructure and streetscape enhancements in these areas.
Staff and the Village’s TIF consultant (SB Friedman) will make a presentation
highlighting the many benefits that the Prospect and Main TIF would provide to the
community and address questions/concerns that have been raised by residents and
other taxing districts. The meeting will also provide interested stakeholders with an
opportunity to ask questions and raise any issues that they may have related to the
proposed TIF District.