Lake Street (TIF 2)

Redevelopment Project Area Map

History

The original Lake Street Redevelopment Project Area was established by ordinance O-21-1993.
The general goals of the redevelopment plan for the Lake Street project area were to reverse and reduce negative market perception relating to the location, encourage development of industrial and commercial uses through the attraction of commercial uses in-line with the City’s zoning codes, to create new jobs, provide suitable public infrastructure, and diversify and strengthen the City’s tax base with particular attention given to bolstering non-residential property taxes. Included in the objectives of the redevelopment plan was to extend sewer and water lines as needed into the industrial business park, build access roads as needed, provide for streetlighting and other related improvements, enhance the absorption of industrial property located within the project area, and through public improvements, to allow for the competitive and affordable industrial facilities that are available to the users and tenants of the properties in the industrial area. 

Over the lifetime of the Lake Street (TIF 2) redevelopment area, multiple projects were completed that added signnificant value to the area. Completed projects include but are not limited to the following:

  • Superior Ambulance
  • Springhill Suites by Marriott
  • John Sakash Co.
  • Murnane Paper
  • Elmhurst Toyota
  • Fischer Farm Road

A majority of the growth of the Lake Street (TIF 2) redevelopment project area’s equalized assessed value occurred west of Walnut Street. As of 2014, 70% of the increment realized came from 11 parcels, all located west of Walnut. The 26 parcels east of Walnut combined for the remaining 30% of increment realized. Those parcels included in the under-performing eastern portion of the former Lake Street project area were released from the TIF 2 District and incorporated into the new Church Road/Lake Street project area.  With no outstanding obligations of projects, a surplus distribution of $615,000 was made to all taxing authorities in May, 2010. Elmhurst School District 205’s portion of the distribution was $434,082. ANY ADDITIONAL SURPLUS RELEASE INFO.

At the expiration of TIF 2 in 2016…

To view ordinances and other documents related to the Lake Street project, please visit the Development Project Area Document Portal.

Lake Street: Fact Check

What are the parameters of this project area?

Created: 1993 – Expired: 2016

Frozen Base at Start: $4,459,809    Current EAV (2016): $13,164,440

Financial Reporting

Annual reporting is completed specifically for each TIF. To view TIF reports from 2007/2008 through the present visit the Development Project Area Document Portal. Email us with questions you may have regarding the history of TIF 3 or the Financial Reporting of any Elmhurst TIF.