Trustees Unanimously Approve East Ogden Avenue TIF District In Lisle

LISLE, IL — Lisle trustees voted unanimously on Sept. 15 to approve a tax increment financing (TIF) district to encourage redevelopment of a 73-acre area. The area is bounded Lacey Avenue, the Lisle Metra stop and I-355.

Per village documents, the proposed TIF district includes 17 acres of unoccupied lots, along with 13 right-of-way acres and 43 acres earmarked for redevelopment.

This area has been "identified as an opportunity corridor to attract private development and new businesses as well as make public improvements consistent with the Village's newly adopted 2024 Comprehensive Land Use Plan," per village documents.

At the meeting, village manager Jeffrey Cook said the proposal was a "culmination of efforts over the past 12 months" that started when the village began working with SB Friedman Development Advisors to help with research and consulting regarding the TIF proposal.

In its eligibility report, SB Friedman wrote that the project area met the requirements to be considered a "blighted area" and a "conservation area." Per the report, the project area's vacant portions show obsolete platting and reflect a lack of growth in equalized assessed value (EAV).

The project area's eligibility as a conservation area was supported by data that showed 52 percent of its primary structures are at least 35 years old. These structures show evidence of inadequate utilities and of not meeting current village code standards, per the eligibility report. The report indicated that the buildings also show evidence of deterioration and a lack of EAV growth.

Redevelopment plan goals include improving current buildings and infrastructure, building and repairing stormwater management systems and encouraging new developments via TIF funds. The redevelopment plan costs are estimated at $32.5 million, with an estimated taxable EAV of $46.1 million by 2048.