The issue
The City of Berwyn and the Berwyn Development Corp. are looking to adjust the funds allocated for both the Roosevelt and Cermak Road tax increment financing districts. When the TIF districts were created, in 1997 and 1987 respectively, inflation and changes in property values were not taken into consideration. As such, the funds generated by each district were set at $5.85 million for the Roosevelt district, and $6.7 million for the Cermak district. Those figures are now outdated. BDC executive director Anthony Griffin said the changes are a needed housekeeping measure and to comply with state law. “None of the TIF districts accounted for inflation nor did they ask for action steps in the outline of the original plan,” Griffin said.
What we knew
The Roosevelt Road TIF district includes the southbound side of Roosevelt from Maple to Lombard avenues and expires in 2020. The Cermak TIF district includes both sides of Cermak Road from Harlem to Lombard avenues, excluding Cermak Plaza and the southbound side of Cermak Road between Lombard and Harvey avenues. The Cermak TIF district expires in 2010. Under the proposed amendments to the Berwyn City Council, funding for the duration of the Roosevelt Road TIF district would change from $5.85 million to $41 million, while the Cermak district’s funds would increase from $6.7 million to $44 million. No additional taxes are being assessed —the changes reflect a disconnect between original target funds, and funds that will be actualized by the time the districts expire.
What happened
The city hosted two public hearings on the proposed amendments to the TIF districts Nov. 10. About a dozen residents and business owners attended the meetings held in the Community Room of the Berwyn Police Department along with the entire Berwyn City Council. Griffin read through the agenda, and no audience members moved to speak at either hearing before they were closed.
What’s next
The City Council was presented with the agenda report from the joint review board and was expected to vote on the ordinances to amend the two TIF districts at the Nov. 24 meeting. Griffin said the BDC will next look to update the Ogden Avenue TIF district during the next few months.
