Glenview Trustees on Thursday called on staff members to wrap up the historic Glen TIF before the end of the year, setting in motion a plan that marks the completion of an award-winning historic redevelopment that has brought in 5,500 residents, thousands new jobs and nearly 1.9 million square feet of retail, restaurants, hotels and offices in the village, officials said.
The conclusion of the TIF allows districts taxing the area to begin directly receiving property taxes generated by The Glen. Going forward, instead of property tax payments going to the TIF fund, those same payments will go directly to tax districts, including Glenview Public Library, Glenview Park District, Glenview Village and Districts. school 30, 34 and 225.
In addition, the closure of the TIF will not result in any tax increases for property owners inside or outside The Glen, according to a press release from the village.
âThis milestone is the culmination of more than two decades of collaborative work between past and present leaders from all of our local tax districts,â said Village President Mike Jenny. “The Glen is a world-class development that has become the model for closing and redeveloping disused US military bases.”
Established in 1998 and encompassing the former Glenview Naval Air Station, the Glen TIF paved the way for new infrastructure such as roads and stormwater retention facilities, as well as numerous public developments including Gallery Park, Attea Middle School, Park Center, the Glen of North Glenview Station Metra, Fire Station 14, and Northeast Illinois Public Safety Training Academy. There are an additional 649 acres of private residential and commercial development.
The 1,360-acre TIF boundary includes an area roughly bounded by Willow Road, Lehigh Avenue, East Lake Avenue and Shermer Road.
A TIF district, or tax increase financing district, is an economic redevelopment tool used by communities to stimulate investment in a particular geographic area.
In the case of The Glen TIF, from the late 1990s, property tax revenues in the TIF district were collected and used to finance major redevelopments and improvements to critical infrastructure. In the future, after the Glen TIF closes, property tax payments will instead go directly to tax jurisdictions rather than funding the redevelopment. Village owners will not see any increase in their property tax bills as a result of the end of the TIF.
The village defined a number of key goals and objectives for Glen TIF when it was designed in the 1990s, including stewardship of the land, maintaining open spaces, fiscal responsibility, community use, creation of single-family, multi-family and senior citizens housing. and stimulate economic opportunities.
To achieve these goals and to support the rising cost of education as residents moved to the TIF area, village officials worked with lawmakers to draft and pass the 1995 Law on Tax Allowance for the TIF. Illinois Economic Development Project Area. This law authorized the village to provide “make-full payments” to school districts, the park district, the village and the library each year to alleviate the additional costs associated with providing services to the area, including education. children living in the TIF district.
âDistrict 34 is grateful to the Village of Glenview for their outstanding management of the TIF,â said Dr. Dane Delli, Superintendent of Glenview School District 34. âThe entire Glenview community is stronger and better for it. the Village throughout the life of the TIF, and the early closure of the TIF, are clear examples of the Village’s unwavering support to our schools. “
Glenbrook High School District 225 also praised the village support and the benefits of TIF.
âThe TIF District has brought substantial benefits to residents and the community, and when the community thrives, so do our schools,â said District 225 Superintendent Dr. Charles Johns. “We appreciate the support of the village and their annual mitigation payments which have improved the school district and therefore the students in our community.”
Almost 40 percent of the development area has been set aside as open space for recreation and other amenities, including Gallery Park, two golf courses, Kent Fuller Air Station Prairie, six miles of trails, and 45-acre Glenview Lake. .
âWe are very grateful to the Village of Glenview for their exceptional stewardship of the TIF District and for their commitment to ensuring that all of our government partners are reimbursed for the costs associated with services in the Glen. The development of the former Naval Air Base and our community resources built there will be used and celebrated for generations, âsaid Glenview Park District Executive Director Michael McCarty in a separate statement, adding that the capture The new growth associated with the TIF will result in a slight increase in tax revenue for the park district. These additional funds will be needed for the ongoing maintenance of Gallery Park and Fuller Air Station Prairie and will help the district assess required and future improvements to Gallery Park facilities, according to the park district statement.
Glen TIF has stimulated over $ 1 billion in private investment, including 1 million square feet of commercial use and 1 million square feet of office space. Retail shopping destinations include the Glen Town Center, with its varied food and retail offerings (e.g. Von Maur, Dick’s Sporting Goods), Patriot Market Place (e.g. Costco, Home Depot), shops close to the Jewel at the Glen shopping center the famous Kohl Children’s Museum.
World-class companies have also made their home in the Glen TIF district, including those at the Prairie Glen Corporate Campus (e.g. Anixter, Beltone, American College of Chest Physicians, Highland Ventures, Northwestern Medicine and Western Golf Association).
The Glen redevelopment project, advisors and developers have since won awards from the Urban Land Institute, Office of the Secretary of Defense, Illinois Park and Recreation Association, Greater Chicago Food Depository, Consulting Engineers Council of Illinois, Illinois Landscape Contractors. Association and the Illinois Engineering Council. The development was also named Installation of the Year in 2000 by the National Association of Installation Developers.