Public Hearing

VILLAGE OF HOMEWOOD PUBLIC HEARING ON CREATION OF A TIF DISTRICT TUESDAY – SEPTEMBER 22, 2020 Village Hall Boardroom and audio conferencing PUBLIC HEARING ON CREATION OF A TIF DISRICT CALL TO ORDER: Village President Hofeld called the public hearing on a proposed Tax Increment Financing district for the former Bogart’s property (18225 Dixie Highway) to order at 7 p.m. This public hearing was a continuance of a public hearing from July 2020 and was conducted by President Hofeld from the Boardroom. NOTE: Due to the Governor’s emergency order because of the COVID-19 pandemic and social distancing recommendations, and the Village President finding that, pursuant to Public Act 101-0640, an in-person meeting is not prudent, elected officials are permitted to participate via video/audio. The public was invited to listen into the meeting live via audio. The public was invited to submit comments by email before the meeting. All elected officials were able to hear one another as well as all discussion. PRESENTATION: President Hofeld asked Angela Mesaros, director of Economic Development, for an update. She reported that a Joint Review Board meeting for the proposed Dixie/Miller Court TIF was conducted on June 17, 2019, and the proposal was accepted unanimously by the parties. President Hofeld introduced Bob Rychlicki of Kane McKenna & Associates who gave an overview of the proposed TIF. Following guidelines of the Downtown Master Plan, the site will be redeveloped for a commercial use. The former Bogart’s Restaurant has been vacant for nearly a decade and was acquired by the village in 2018. The restaurant site includes five PINs and is the largest property within the proposed TIF. The TIF also would include two residential properties on Miller Court, the cleaners south of Bogart’s, and several storefronts on Dixie Highway north of the Bogart’s property. All properties in the TIF are well past the 35 years old or older requirement for the district to meet one of the “conservation use” thresholds needed to develop a TIF. Redeveloping the property will improve the overall appearance of the downtown district. However, since the property has remained vacant and dilapidated for many years, the village needs to create a TIF to offer incentives for redevelopment. The village proposes a $3.05 million budget for the TIF. Current Equalized Assessed Valuation is $573,000. It is expected a TIF will raise the EAV to between $2.4 million and $5 million. The village will use the TIF money to rehabilitate the property, make public improvements, and cover professional services. The TIF will have a 23-year life. No one was in the audience at village hall to comment and no written comments were received. The public hearing adjourned at 7:15 p.m. Respectfully submitted, Marilyn Thomas Village Clerk