The Oak Forest TIF district, the city’s eighth, would take in a 44-acre area bounded by 167th Street on the north, Interstate 57 on the east and south, and Cicero Avenue on the west, according to the city.
[Most read] Amy Schneider’s historic ‘Jeopardy!’ winning streak ends with loss to Chicago librarian Rhone TalsmaWith a TIF district, incremental increases in property tax revenue can be used to pay for costs including buying land, public improvements such as sewer and water lines, and demolition of buildings on the property.
Taxing bodies, including the city and school districts, continue to receive property tax revenue based on that baseline amount, but won’t see higher amounts of tax revenue until after the TIF expires. He told council members the area meets the requirement of state law, including declining property values, and the area includes homes, although the developer has been negotiating with property owners to buy a handful of homes. Oak Forest also agreed sell to Logistics Property Co. some city-owned land for $359,000.