Mayor's Message on Redevelopment Areas
The excitement and encouragement that we are experiencing from growth and development in Elmhurst is undeniable. We continue in our efforts to create a high quality of life for our community by further developing vibrant business districts, reliable city services, infrastructure improvements, and best in class amenities.
Our community has a common goal of a unified commitment to being the very best. The key tool that enables us to continue to accomplish this is Tax Increment Finance (TIF). Developing communities like Elmhurst use TIF to promote economic development and redevelopment.
There have been six (6) redevelopment project TIF areas in Elmhurst including the Central Business District (TIF 1), Lake Street (TIF 2), Route 83 & St. Charles (TIF 3), North York (TIF 4), Church Rd. & Lake Street (TIF 5), and Downtown City Centre TIF. Only three (3) of these TIF districts are currently active North York (TIF 4), Church Rd. & Lake St (TIF 5), and the Downtown City Centre TIF. Please click on the links below for an overview on each of these redevelopment areas.
The long-term affects of redeveloping these areas through TIF benefit the entire community. Redeveloped areas make the City more vibrant and more desirable to visit, live, work and do business. TIF benefits also mean a higher citywide Equalized Assessed Valuation Increase (EAV) equating to a lessened tax burden for individual homeowners. In the long term, all taxing bodies also benefit from a healthier tax base as an outcome from the redeveloped area.
In closing, TIF is the key tool being used to enable to City to move forward in being the very best.
Scott M. Levin, Mayor
Central Business District (TIF 1) EXPIRED
Downtown City Centre TIF ACTIVE