Westmont finalizes new date for TIF district public hearing
WESTMONT — The village of Westmont has scheduled a date for a public hearing on the proposed South Westmont Business District Tax Increment Finance District.
The public hearing will be held at 7 p.m. on Monday, Feb. 4 at the Westmont Village Hall. 31 W. Quincy St.
The village originally had scheduled the public hear for earlier this month, but postponed it because one of the taxing bodies that will be impacted by the TIF was not given proper notice of the date, village officials said.
The hearing will allow the public and representatives of the various taxing bodies to talk about any concerns they have with the proposed TIF district at 63rd Street and Cass Avenue.
Municipalities use TIF districts to spur economic development in areas considered blighted. Property taxes paid to public bodies overlapping the district are capped at their current level for up to 23 years. As new development increases property values, tax revenue generated above the capped amount can be used for tax incentives, land acquisition, capital improvements or to pay off TIF bonds.
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