Public Hearing Planned To Discuss Route 53 TIF District

LISLE, IL — Residents are invited to attend a public hearing on August 4 to discuss plans to create a tax-increment financing (TIF) District on part of Route 53.

According to village documents, the aim of the proposal is to draw in new businesses and other developments, to repair and update existing buildings and infrastructure on a 67-acre stretch of Route 53 "bounded by Interstate-88, Warrenville Road, Main Street, Ogden Avenue and Dorset Avenue."

This consists of 18 buildings and 53 parcels of land.

This has been identified as a "blighted area," per an eligibility report prepared by SB Friedman Development advisors. Factors contributing to this include a risk of chronic flooding, the age of the properties in the Redevelopment Project Area (RPA), inadequate utilities and structures that fail to meet the minimum standards of village code.

According to the eligibility report, 94 percent of the RPA's "primary structures" are at least 35 years old. Of the RPA's 36 improved parcels, 53 percent showed evidence of deterioration, the report said.

The cost of redevelopment was estimated at $35 million, per the report, with funding contributed by the RPA's tax increment revenues. Currently, the taxable equalized assessed value (EAV) of the onsite properties is estimated at $9,503,300. The report also estimates the taxable EAV will be around $39.2 million by 2048.

Also on Patch: Proposed TIF District On Ogden Moves To Public Hearing

Residents can attend the public hearing in person at Lisle Village Hall at 7 p.m. on Aug. 4 to share their input. Written feedback can be shared via the village clerk.