New Downtown TIF
Village’s Objectives. The Village’s objectives and goals to encourage the TIF District are as follows:
1. By implementing the TIF Redevelopment Plan and Project it provides for the retention and expansion of existing businesses, and the attraction of users to redevelop existing retail, mixed use, and commercial structures, as well as vacant parcels;
2. By constructing public improvements (if necessary) street and sidewalk improvements (including new street construction and widening of current streets); utility improvements (including but not limited to water, storm water, management, flood control and sanitary sewer projects consisting of construction and rehabilitation); signalization, traffic control, and lightening; off-street parking (if applicable); landscaping, public signage, and beautification; and public facilities;
3. By entering into redevelopment agreements with developers for qualified redevelopment projects as defined in the TIF Qualification Report Main Street/University Avenue TIF District;
4. By providing for land assembly, site preparation, environmental remediation (if necessary), clearance, and demolition, including grading and excavation;
5. By the redevelopment of certain buildings through necessary rehabilitation and improvement of structures;
6. By exploring and reviewing job training programs in coordination with any Village, Federal, State, and County programs; and
7. By entering into agreement with other public bodies for the development or construction of public facilities and infrastructure.
Village Ordinances. On July 20, 2015, the Village Board of Trustees passed and adopted three (3) ordinances regarding the TIF District, they are as follows:
- Ordinance No. 15-1992 – An Ordinance Approving a Tax Increment Redevelopment Plan and Redevelopment Project for the Main Street/University Avenue Redevelopment Project Area;
- Ordinance No. 15-1993 – An Ordinance Designating the Main Street/University Avenue Redevelopment Project Area of Said Village A Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment; and
- Ordinance No. 15-1994 – An Ordinance Adopting Tax Increment Allocation Financing for the Main Street/University Avenue Redevelopment Project Area.
If you would like to obtain more information regarding the TIF District as it develops, please print out and complete the Interested Parties Registration Form. Upon completion, please return it to the Village of Bourbonnais, Administration Office located at 600 Main N.W., Bourbonnais.
What is TIF?
What will the TIF do to help the Community?