With an eye toward the redevelopment of several properties in the area just west of Roselle's Town Center, the Village Board approved ordinances establishing the Irving-Central TIF in October 2015. The approval process also included the review of an eligibility study and redevelopment plan, and a public hearing.
The Irving-Central TIF consists of light industrial, commercial, mixed-use and residential properties located near Central Ave. and the West Irving Park Rd corridor. The eligibility study indicated that the area containing approximately 47 tax parcels qualifies as a “conservation area” as defined by laws governing TIF districts. A boundary map of the TIF is included in the Eligibility Study and Plan linked below.
A TIF district is a development tool used by municipalities to address economic underperformance in a specifically identified area. A baseline property tax value is determined when a TIF is created, and that value remains the same, for taxing purposes, throughout the 23-year life of the TIF. Any increase in property tax values during the life of the TIF is reinvested back into the district to fund development and redevelopment projects.