City Weighs Committing TIF Funds to Developer or Downtown Improvements
Wheaton City Council considers using TIF funds for public improvements in its downtown strategic plan.
City officials will consider a developer's request for tax-increment financing (TIF) funding assistance for public enhancements in development of the old Jewel property, but some say they're inclined to put the money toward the downtown strategic plan. Mokena-based developer Olympia Investments has requested the city's approval to demolish the former Jewel building at 114 E. Willow Ave. and build a three-story medical office building in its place. City Manager Don Rose said at a planning session Monday that the developer will probably ask for TIF assistance of as much as $1.1 million for public enhancements included in the project. He told council members he wanted to address the city's TIF funding policy to consider how the money should…
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Charlotte Eriksen
8:14 am on Thursday, February 28, 2013
It is a good point, Christopher. It will bring people downtown—but who knows if they'll shop. It's still a great development to have there. more ›