Home Finance Redevelopment Project Areas (TIF) North York (TIF 4)

HistoryThe original North York Street Redevelopment Project Area was established by ordinance O-50-2012.

The 2009 Elmhurst Comprehensive Plan identified nine sub-areas of the community. The Economic Development Commission evaluated these areas and recommended the study of five for future economic development opportunities. In June 2011, Kane, McKenna & Associates completed a feasibility study in which they identified and qualified three (3) sites for potential TIFs, among those that qualified was North York Street. The study showed that 68% of the structures in the project area were found to be 35 years old or older; in addition the area met six other factors to qualify for tax increment financing including excessive vacancies, deterioration, and lack of community planning. The first project in the North York Street project area that received assistance from the City through TIF funding was Mariano’s. The approximately 76,000sf grocery store was built on 5.7 acres vacated by a car dealership several years prior. The anchor store brought 475 full and part-time jobs to the area and made the area a destination certain for residents and visitors alike.

North York Street is now home to a multitude of new businesses including but not limited to Thornton’s, LA Fitness, and Goldfish Swim School. Reinvestment in the project area has continued to grow, as has the fiscal health of the area as a resurgence of interest by retailers like Bentley’s Pet Stuff, FPV Racing Hobbies, and Cilantro Taco Grill takes place year over year alongside larger development projects such as the new Edward-Elmhurst physician center. Improvements are evident throughout the area; from the mixed use development Elmhurst 255 on the southern edge of the project area to Gem Carwash (currently under construction) at the far north end of the TIF, to BrewPoint Coffee’s new roasting center & café in the middle at York Center Plaza. The area has also seen a number of business expansions, including Evolution Dance Company and Fifi’s Custom Tailor & Bridal Boutique since the implementation of the TIF District.

     

      

 

A North York Corridor Plan was approved by the City Council in 2015, and a subsequent North York Corridor Streetscape Plan was approved in 2016.

To view ordinances and other documents related to the North York Street project, please visit the Development Project Area Document Portal.
North York Street: Fact CheckWhat are the parameters of this project area?
Created: 2012 – Expires: 2035

Frozen Base at Start: $24,733,740    Current EAV (2016): $28,564,410

Are there any Intergovernmental Agreements associated with the North York Street Redevelopment Project Area?
The City entered into agreements with both the Elmhurst Park District and Elmhurst School District Unit 205 in relation to the North York Street redevelopment project area. The IGA set up a process for the City to share the increment with all taxing bodies. In addition, the agreement with the School District gives 35% of all increment coming off of the Elmhurst 255 (Hahn Street) Mixed Use Development project after the City has been repaid its initial investment in the project. To view these agreements in full, visit the Development Project Area Document Portal.

What incentives are available for businesses in the Central Business District? 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 North York 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 4 or the Financial Reporting of any Elmhurst TIF.