Meeting agenda 2025-01-03

Summary

The City of Oak Forest, Illinois is amending its TIF District #6 to include additional parcels of land. The amendment aims to promote economic revitalization and redevelopment in the area. The study area qualifies as a blighted vacant area under the TIF Act, with factors such as lagging/declining EAV, adjacent deterioration, and obsolete platting present. The amendment will allow for the use of tax increment financing to support redevelopment projects and improve the area's economic viability.

Details

Subject

Tax Increment Financing (TIF) District #6

Summary

The City of Oak Forest, Illinois is amending its TIF District #6 to include additional parcels of land. The amendment aims to promote economic revitalization and redevelopment in the area. The study area qualifies as a blighted vacant area under the TIF Act, with factors such as lagging/declining EAV, adjacent deterioration, and obsolete platting present. The amendment will allow for the use of tax increment financing to support redevelopment projects and improve the area's economic viability.

Report Date

2025-03

Report Type

amendment

Report Title

First Amendment to the TIF #6 TIF District Redevelopment Plan and Project

Authoring Body

City of Oak Forest, Illinois & Ryan, LLC

Reporting Period

2023-2025