Lake Street (TIF 2)
HistoryThe original Lake Street Redevelopment Project Area was established by ordinance O-21-1993.
Over the lifetime of the Lake Street (TIF 2) redevelopment area, multiple projects were completed that added signnificant value to the area. Completed projects include but are not limited to the following:
- Superior Ambulance
- Springhill Suites by Marriott
- John Sakash Co.
- Murnane Paper
- Elmhurst Toyota
- Fischer Farm Road
A majority of the growth of the 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. With no outstanding obligations of projects, a surplus distribution of $615,000 was made to all taxing authorities in May, 2010. Elmhurst School District 205’s portion of the distribution was $434,082. ANY ADDITIONAL SURPLUS RELEASE INFO.
At the expiration of TIF 2 in 2016…
To view ordinances and other documents related to the Lake Street project, please visit the Development Project Area Document Portal.
Lake Street: Fact Check
What are the parameters of this project area?
Created: 1993 – Expired: 2016
Frozen Base at Start: $4,459,809 Current EAV (2016): $13,164,440
Annual 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 3 or the Financial Reporting of any Elmhurst TIF.