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CITY OF WEST CHICAGO
AGENDA ITEM SUMMARY
ITEM TITLE:
AGENDA ITEM NUMBER: _3- 4.6.« C.
Downtown TIF District 2
City of West Chicago FILE NUMBER:
COMMITTEE AGENDA DATE: Feb. 24, 2022
Ordinance No. 22-O-0006
Ordinance No. 22-O-0007 COUNCIL AGENDA DATE: March 7, 2022
Ordinance No. 22-0-0008
K
STAFF REVIEW: Tom Dabareiner, AICP SIGNATURE JAL—~
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APPROVED BY CITY ADMINISTRATOR: Michael Guttman SIGNATURE
ITEM SUMMARY:
The City of West Chicago has been working on dissolving the formerly existing Downtown Tax
Increment Finance (TIF) District and creating a replacement TIF District called Downtown TIF District
2. In fact, the City Council voted in December to end what was the existing Downtown TIF, effective
December 31, 2021. Furthermore, a Public Hearing on forming a new TIF, known as Downtown TIF
District 2, was conducted at the City Council meeting of February 21, 2022, following the publishing of
the required legal notices.
The next and final steps in establishing the Downtown TIF District 2 involves adopting three enabling
ordinances:
e 22-0-0006: Ordinance setting Dates
e 22-0-0007: Ordinance Designating Redevelopment Project Area
e 22-0-0008: Ordinance Adopting Tax Increment Financing
Staff finds these ordinances to be necessary, complete and ready for adoption and recommends
such.
ACTION PROPOSED:
Recommend approval of the three draft Ordinances creating the Downtown TIF District 2.
COMMITTEE RECOMMENDATION:
Members of the Finance Committee voted unanimously (6-0) in support of recommending a favorable
vote on the three TIF Ordinances.
Attached:
Ordinances