Tax Increment Financing (TIF) Open HouseBERWYN DEVELOPMENT CORPORATION
OCTOBER 10, 2018
Removed: 2009
Description of Redevelopment Project Area Typical mature suburban business areas
Slower development without the guidance of a comprehensive plan
Indications of unplanned growth
Irregularly shaped blocks
Obsolete platting of parcels
Vacant buildings
Deteriorating buildings and site conditions
Lack of convenient off-street parking
Incompatible land-use relationships
Buildings characterized by obsolescence
Goal of TIF1. On a coordinated rather than piecemeal basis to ensure
that the land use, pedestrian access, vehicular circulation, parking service and urban design systems are functionally integrated and meet present-day principles and standards;
2. On a reasonable, comprehensive and integrated basis to ensure that the factors of blight and conservation are eliminated; and
3. Within a reasonable and defined time period so that the area may contribute productively to the economic vitality of the City.
A Commitment to Maintaining Healthy & Vibrant Corridors A demonstrated
commitment to the City’s commercial corridors.
Reinforces Berwyn’s special character as a mixed-use community business area.
Addresses recommendations made in the Comprehensive Plan.
An Improved Business Climate Reduces physical deterioration and
obsolescence. Improves and upgrades the image
and appearance of the area. Stimulates private investment in
building rehabilitation and new development.
Promotes additional pedestrian traffic.
Protects historic buildings and districts.
Increased Employment and Retail Opportunities for the City’s Residents Stabilizes and expands the
City’s employment base.
Promotes a wider range of goods and services for the residents of the City.
Stabilized and Expanded Tax Revenues Generated within the Added Project Area Strengthens the non-residential
property tax base of the City.
Strengthens the sales tax base of the City through increased business activity.
Maintains a healthy balance between the property tax burden borne by homeowners and non-residential properties.
Revenue Generated
Revenues
Revenue Categories Depot Roosevelt
Incremental Property Tax $14,318,000 $7,285,000
Bonds/Obligations $1,940,000 *$1,025,000
Investment Income/Interest $169,000 $159,000
Transfers/Other $98,000 $165,000
Total $16,525,000 $8,634,000
Source: Annual TIF Report FY 2017
*Partial amount based on recent allocations
$14,318,000 , 87%
$1,940,000 , 12%
$169,000 , 1% $98,000 , 0%
Depot Revenues
$7,285,000 , 84%
$1,025,000 , 12%
$159,000 , 2% $165,000 , 2%
Roosevelt Revenues
Incremental Property Tax
Bonds/Obligations
Investment Income/Interest
Transfers/Other
Incremental Property Taxes
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Depot Roosevelt
Municipal ExpendituresExpenditures
Expenditure Categories Depot Roosevelt
TIF Administration & Professional Costs
$2,077,000 $2,392,000
Public Improvement& Debt Service
$6,724,000 $6,483,000
Incentives & Redevelopment Costs
$7,498,000 $2,950,000
Other $250,000 --
Total $16,549,000 $11,825,000
Amounts rounded to the nearest thousand. Source: Annual TIF Reports
$2,077,000 , 13%
$6,724,000 , 41%
$7,498,000 , 45%
$250,000 , 1%
Depot
$2,392,000 , 20%
$6,483,000 , 55%
$2,950,000 , 25%
Roosevelt
TIF Administration & ProfessionalCosts
Public Improvement & Debt Service
Incentives & Redevelopment Costs
Other
Total Investment within the RPAInvestment Categories Depot Roosevelt
Public Investment* $7,568,000 $6,042,000
Private Investment $44,116,000 $20,598,000
Total $51,684,000 $26,640,000
Source: City of Berwyn Building Permit Data (1/1/1997-12/31/2017)
*Includes only direct investment to private projects, does not include infrastructure or other public costs
$7,568,000 , 15%
$44,116,000 , 85%
Depot
$6,042,000 , 23%
$20,598,000 , 77%
Roosevelt
Public Investment
Private Investment
Taxing District Contribution to Increment
Depot RooseveltTaxing District
% of Increment
Contribution to TIF
Schools 58.24% $373,775
City of Berwyn 27.38% $175,721
Township* 5.03% $32,282
Berwyn Park District
2.6% $16,686
Other 6.75% $43,320
Taxing District% of Increment
Contribution to TIF
Schools 52.5% $292,698
City of Berwyn 30.96% $172,608
Township* 5.68% $31,667
North Berwyn Park District
3.21% $17,897
Other 7.65% $42,650
*Township Taxes include Berwyn Library Fund, Public Health Berwyn, Berwyn Township Mental Health District, General Assistance Berwyn, and Town of Berwyn
In 2017, the City gained $641,784 within the Depot TIF and $557,520 within the Roosevelt TIF in revenue stemming from property tax increment.
Other Performance Data
Depot Roosevelt
2017 Equalized Assessed Valuation (EAV) $24,880,725 $14,449,116
Base EAV $18,251,797 $10,944,135
Source: Cook County Clerk’s Office
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