Church Rd. & Lake Street (TIF 5)
HistoryThe original Church Road/Lake Street Redevelopment Project Area was established by ordinance O-62-2016.
The key “but for” finding for the Church Road/Lake Street project area was that redevelopment will not go forward in this area without TIF assistance. The area qualified as a TIF District under the criteria of a “conservation area,” based on finding that 63% of the buildings are 35-years old or greater (far more than the 50% threshold). The area met six additional eligibility factors including deterioration, lack of community planning, and lagging/declining EAV; without the creation of a the redevelopment project area, the combination of these negative factors limited opportunities for private reinvestment and potentially suppressed the value of future development and weakened the potential for business growth. The City’s Joint TIF Review Board (comprised of certain taxing districts in addition to the City itself), unanimously recommended TIF Designation of the Church Road/Lake Street redevelopment area, to the City Council as part of their deliberations and review process.
One of the first projects set to take place in the Church Road/Lake Street Redevelopment Project Area is the expansion of Elmhurst BMW by Elmhurst Auto Group. The corporate BMW authority insisted on expansion of the dealership, which at first did not look like it would be able to happen in Elmhurst due to lack of space. When Gerber Collision & Glass moved their North American Headquarters to Elmhurst in 2015, they relocated their facility from Lake Street to Grand Avenue, presenting an opportunity for Elmhurst BMW to stay in Elmhurst. Elmhurst BMW is currently in the process of building a new facility on Lake that will incorporate the vacant property where Gerber Collision & Glass formerly operated (rendering below). The auto group expects sales to grow as much as 100% with the additional showroom and inventory space. This is great news for all of Elmhurst, as Elmhurst Auto Group is one of the highest producers of sales tax in the community.
In 2017, the hired Houseal Lavigne & Associates to complete a Subarea Plan for the area. The plan is expected to be completed in early 2018.
To view ordinances and other documents related to the Church Road/Lake Street project, please visit the Development Project Area Document Portal.
Lake Street: Fact CheckWhat are the parameters of this project area?
Created: 2016 – Expires: 2039
Frozen Base at Start: $ 28,654,330
Is the area of the Church Road/Lake Street redevelopment project area the same as the previous Lake Street TIF?
The area is not the same though there are some overlapping parcels. Ordinance O-61-2016 released parcels from the former Lake Street redevelopment area prior to the creation of the Church Road/Lake Street redevelopment project area. These areas were then incorporated into TIF 5.
To view ordinances and other documents related to the both the Lake Street and Church Road/Lake Street projects, please visit the Development Project Area Document Portal.
Why did the City want include parcels in the Church Road/Lake Street redevelopment project area that were already in the Lake Street TIF?
A majority of the growth in the former 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.
One of the main objectives of the Church Road/Lake Street redevelopment project area is to help facilitate the redevelopment of vacant or underutilized properties. Some of the most visibly blighted properties which would benefit from TIF were included in former Lake Street redevelopment project area. These key development parcels are important to the success of the new Church Road/Lake Street redevelopment project area.
What incentives are available for businesses in the Church Road/Lake Street project area? Why are businesses outside of this area ineligible?
Property Tax revenues generated by improvements in designated TIF areas must be invested back into the district for TIF eligible expenses including: land acquisition, site preparation, building rehabilitation, and public improvements. As funding generated through tax increment financing must be reinvested into the TIF district, businesses outside of the designated project redevelopment area are not eligible for TIF based incentives or assistance.
At this time, TIF specific incentives are not in place in the Church Road/Lake Street Redevelopment Project Area.
General TIF Incentives: The City has a comprehensive TIF Incentive program, which provides redevelopment assistance for eligible projects to support property improvement and building activities, including acquisition, architectural design, demolition, engineering, infrastructure, interior remodeling, planning, signage, and site work. TIF funds can also be used by property owners and businesses to make needed improvements consistent with the City’s Comprehensive Plan.
Financial ReportingAnnual 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 5 or the Financial Reporting of any Elmhurst TIF.