The City of Wood Dale has established a Tax Increment Financing (TIF) District to encourage redevelopment consistent with the City's 2009 Thorndale Corridor Master Plan.
The boundary of the TIF district includes the commercial and industrial area on the south side of Thorndale Avenue between Wood Dale Road and IL Route 83, as well as all of the properties fronting along the Elgin-O’Hare Expressway and Wood Dale Road from the library north to Thorndale. No residential properties are included.
Click here for the full TIF plan.
What is TIF?
TIF is a locally-controlled economic development tool that generates funds to pay for redevelopment from the increase in property value caused by that redevelopment. The goal is to encourage development that would not have occurred “but for” the TIF district. The TIF district will allow the City to implement Thorndale Corridor Master Plan, facilitate the development of vacant and underutilized properties, construct and improve public infrastructure, and improve the image and accessibility of the area.
What is the Thorndale Corridor Master Plan?
The Master Plan envisions the construction of a new Corporate Main Street centered around a walkable, mixed-use thoroughfare anchoring 1.9 million sq. ft. of 5-6 story office towers, 107,000 sq. ft. restaurant/retail space, 1.9 million sq. ft. of modern light industrial space, 2,420 hotel rooms, 415 multi-family housing units, 120K sq. ft. recreation center, and direct transit access to Chicago.
TIF Frequently Asked Questions
- I own property within the TIF - how will this affect me? If you own one of the industrial- or commercially-zoned properties within the proposed TIF area, your property will become eligible for financial assistance through the City's TIF program.
- I am a Wood Dale resident - how will this affect my property? If you do not own property within the TIF area, the TIF will not affect your property.
- Is the TIF an additional property tax? No. Unlike a special service area, TIF does not increase your property tax rate. Your property is assessed at the same rate as every other property within the City.
- Why has the City established a TIF District? TIF is one of the few funding mechanisms available to local governments and has proven to be very effective in spurring redevelopment and public improvements. Without the support of public resources, the redevelopment objectives for the Thorndale Corridor Master Plan would most likely not be realized. The area-wide improvements and development assistance resources needed to develop the area as a vibrant mixed-use commercial/industrial area are extensive and costly, and the private market, on its own, has shown little ability to absorb such costs. Small lot sizes constrain current parking and loading areas, and severely constrain any expansion or redevelopment opportunities for obsolete buildings without assemblage. Additionally, the entire area was developed prior to the DuPage County Stormwater Ordinance. Portions of the area are already prone to flooding and any significant expansion or redevelopment would require costly upgrades to stormwater infrastructure. Public resources to assist with public infrastructure improvements and site preparation are needed to leverage private investment and facilitate area-wide development consistent with the City’s Comprehensive Plan and the Thorndale Corridor Master Plan. The City has limited capacity to fund capital improvements that appear necessary to make the area attractive for development. The TIF was established to encourage area-wide redevelopment projects.
- I've heard that TIFs are bad for schools. Is this true? No. Illinois State Statute requires that school districts and libraries be reimbursed for any additional pupils/patrons that are created by TIF-assisted housing. In addition, Wood Dale's TIF plan includes $5 million that is specifically set aside for taxing district capital costs resulting from the implementation of the TIF plan. Because the TIF District boundaries include several properties owned by taxing bodies, additional TIF funds could be approved for other school, library, park district, or fire protection district needs.
- What if I have additional questions? Please contact Ed Cage, Community Development Director, or Kelley Chrisse, Assistant Community Development Director, at 630-766-5133 or email email@example.com or firstname.lastname@example.org.