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The Berwyn City Council voted unanimously to create a new tax increment finance district that encompasses portions of Cermak Road and Harlem Avenue at council meeting tonight.
The council also unanimously passed an intergovernmental agreement that will give 10 percent of all revenues generated over $45 million to other taxing bodies, such as schools, parks and Berwyn Township.
The new district comes after months of public hearings and smaller ordinances that began in December.
The new district will include both sides of Cermak Road from Wesley Avenue running west to Harlem Avenue. The district will then turns south, creating an “L” shape, and extends down the east side of Harlem Avenue from Cermak Road to just passed 30th Street.
The new TIF district replaces a recently-expired district that spanned the city along both sides of Cermak Road.
The new district will use a 2009 estimate of $41.7 million as a set point for the cumulative property value in the district. Any taxes collected from the district on increases in property values will be set into a separate fund for use within the district for economic development and infrastructure improvements.
The Berwyn Development Corporation estimates that total property values in the district will exceed $95 million when the district expires in 23 years. They also estimate that the district will generate $80 million in revenue during its lifetime.
Morton West High School and the Berwyn Public Library are both within the TIF district's boundaries, and city officials have signaled a willingness to allow those bodies to apply for TIF eligible spending, such as facade and utilities improvements.
The Berwyn City Council voted unanimously to create a new tax increment finance district that encompasses portions of Cermak Road and Harlem Avenue at council meeting tonight.
The council also unanimously passed an intergovernmental agreement that will give 10 percent of all revenues generated over $45 million to other taxing bodies, such as schools, parks and Berwyn Township.
The new district comes after months of public hearings and smaller ordinances that began in December.
The new district will include both sides of Cermak Road from Wesley Avenue running west to Harlem Avenue. The district will then turns south, creating an “L” shape, and extends down the east side of Harlem Avenue from Cermak Road to just passed 30th Street.
The new TIF district replaces a recently-expired district that spanned the city along both sides of Cermak Road.
The new district will use a 2009 estimate of $41.7 million as a set point for the cumulative property value in the district. Any taxes collected from the district on increases in property values will be set into a separate fund for use within the district for economic development and infrastructure improvements.
The Berwyn Development Corporation estimates that total property values in the district will exceed $95 million when the district expires in 23 years. They also estimate that the district will generate $80 million in revenue during its lifetime.
Morton West High School and the Berwyn Public Library are both within the TIF district's boundaries, and city officials have signaled a willingness to allow those bodies to apply for TIF eligible spending, such as facade and utilities improvements.
