Downtown Yorkville Could Get Financial Boost

YORKVILLE, IL — The City of Yorkville is looking to establish a second downtown redevelopment project area. The new area, which is called Tax Increment Financing (TIF) District 2, will supplement a plan already in place to encourage mixed-use developments. A city document identifies the project's boundaries, which surrounds the intersection of Route 47 and Van Emmon Street, as an area with "significant economic development potential."

The city has decided to apply to extend the lifespan of an existing downtown redevelopment project which was established in 2006. Due to the economic recession, that project never reached its full potential. The city's hope is that together, the new TIF district and the downtown redevelopment project will cover the entire town and fulfill long-term plans.

According to Linda Girardi from the Aurora Beacon-News:

"Under a tax increment financing district, the property tax amount collected is essentially frozen at the time the district is created. As property values increase with development, the additional tax dollars are placed into a city fund to help finance improvements in the district."

A field survey from the city found 82 percent of the area's 126 structures were at least 35 years old. Some buildings and sites have deteriorated over the years. Some came into existence decades ago under poor planning conditions. Additionally, almost all of the buildings within the area are deemed functionally or economically obsolete, which means the layout and some of the buildings are deterrents to development.

The city will be holding a series of in the coming months to discuss potential changes. The next city council meeting will take place Oct. 10. The primary purpose will be to pass an ordinance establishing an upcoming public hearing date on the matter.

City Administrator Bart Olson told the Beacon-News the city has yet to notify taxing entities within the proposed tax district and that they plan to make presentations to each about the proposal.

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