Madison Street TIF

Project updates

On November 28, 2016, the Village Board will consider adoption and creation of the proposed of Madison Street TIF District. The Village Board will consider three separate ordinances regarding the matter. The three ordinances are available to view by clicking on the links below.

On October 24, 2016, the Village Board held a public hearing regarding the proposed Madison Street TIF District. Three residents spoke to the Village Board and provided questions and comments. At the conclusion of the public hearing, the Village Board voted to close and adjourn the public hearing.

There was a Joint Review Board Meeting held on Tuesday, September 13, 2016 at 6:00 PM in the Community Room of River Forest Village Hall. Read for the Public Meeting Notice and Agenda.

At the August 8, 2016 Village Board of Trustees meeting, the Village Board announced the availability of revised plans and reports regarding the implementation of a proposed Tax Increment Financing (TIF) district on the Madison Street corridor. These draft reports are available to read.

On July 25, 2016, the Village Board of Trustees voted to formally introduce the amended TIF plan regarding the proposed Madison Street TIF District at its next Village Board meeting - August 8, 2016. The revisions to the plan were made based on feedback received from residents. A copy of the staff memorandum and the revised documents is available online. The main change to the amended plan is in regards to the use of eminent domain on single family dwelling units that do not front Madison Street. The amended plan states that eminent domain will not be used on these single family dwelling units. After the Village Board introduces and makes the plans formally available on August 8, 2016, it will then set the date for a new public hearing and a new JRB meeting at its August 22, 2016 meeting. If you have questions, please contact Village Administrator Eric Palm by email at epalm@vrf.us.

On June 27, 2016, the Village Board of Trustees directed the Village Staff to amend the proposed Madison Street TIF plan to include language that single family properties will not be the subject of acquisition by the Village under eminent domain during the term of the tax increment financing district. This work is underway and revisions will be brought back to the Village Board in late July/early August. The Village Board will then set dates for a new public hearing and joint review board meeting.

There was a Joint Review Board meeting concerning the River Forest Madison Street TIF District on Tuesday, June 28th 2016 at 6:00 pm in the Community Room of Village Hall, 400 Park Avenue, River Forest, IL. View the meeting announcement and agenda.

See the agenda for the Friday, June 3, 2016 Meeting Notice and Agenda.

Background Informaiton

TIF Primer

Watch the video below, or Read TIFs 101 - A Taxpayers Primer for Understanding TIFs, both courtesy of the Cook County Clerk: