WESTMONT – The village of Westmont and Community Unit School District 201 have struck an agreement that will lighten the impact of the Central Business Tax Increment Financing district on Westmont schools.
According to District 201, the agreement will provide the district with payments to offset the loss of property tax revenue as a result of the TIF. The payments will fund $15 million in capital improvements at Manning Elementary School, which sits in the proposed TIF district.
"This is a win-win situation for Westmont," District 201 School Board President Marie Charlton wrote in a press release. "Manning is one of our oldest buildings and needs many updates, with a specific focus on safety issues for our students."
The agreement also gives District 201 a share of the sales tax from new businesses that move into Westmont as a result of the TIF District.
“We are happy to receive this sales tax money, as it can be used for operational expenses at all the schools which will help us to continue the unique programming that we offer," Charlton added.
“This process has been a great example of how all facets of community can work together to achieve a great outcome,” Mayor Ron Gunter said.
A TIF district is an economic development tool that helps municipalities address areas of distress by funneling tax dollars into a blighted or undeveloped area.
District 201 joined Maercker School District 60 in negotiating with the village for a lighter impact to schools.
In February, the village announced it had scaled down the TIF district with borders of north of 63rd Street, south of 61st Street, east of Williams Street and west of Cass Avenue.
Westmont officials hope the TIF spurs redevelopment in the area of 63rd Street and Cass Avenue, an area referred to as the Southwest Westmont Business District.