Village Updates TIF Redevelopment Plan

Lemont trustees officially updated the village's Downtown Tax Increment Financing (TIF) District to keep up with current laws, local zoning and changes in the comprehensive plan.

Tax increment financing is a tool used by local governments to encourage economic growth by using tax revenue generated within the district to make improvements, according to the village's website.

The Downtown TIF, which was established in 1991, is the oldest of three TIF districts in Lemont, and is set to expire in 2014.

In order to keep the plan up to date in its final four years, village planners determined that the plan needs to be amended to incorporate the goals and objectives of the 2002 Comprehensive Plan, changes in the TIF Act, and changes in the economy and markets, according to a presentation by village officials.

Village trustees voted 5-0 to pass three ordinances amending the plan. Trustee Jeanette Virgilio was absent.

A series of public meetings were held during the past few months to educate resident on TIF districts and seek their input.

During the past decade, the Downtown TIF has achieved new development in the downtown area, and has allowed the village to upgrade major streets (Main, Canal and Logan) and improve the water and sewer system, sidewalks and street lighting.