SOUTH HOLLAND | The village will hire a downtown Chicago financial services firm to study its tax increment finance districts to see if they are providing maximum economic benefits.
By a 5-0 vote, trustees agreed to hire Kane, McKenna and Associates Inc. to conduct the study. Village Trustee Matthew James was absent.
Village Attorney Timothy Lapp said the study is to determine if the TIF district boundaries are drawn properly and include every plot of land that could be contained with the districts. Taxes collected from a TIF district are used to improve businesses within the TIF.
Kane, McKenna will be paid an hourly rate for its work. Lapp said the village expects to pay about $10,000 total, although an exact amount will not be known until the study is complete.
Lapp said village officials hope to have the study complete in about two months, but there is no hard deadline.
“This is detailed work, going through each parcel. It takes time,” Lapp said.
Village President Donald De Graff said South Holland has five TIF districts. One on the village’s west edge near State Street is set to expire at the end of 2015.
De Graff said he favors extending that TIF district’s life, and said the study will help ensure that an extended district’s boundaries are drawn properly.
De Graff said Monday he'd also like to consider creation of a sixth TIF district, although he could not say when action would be taken on the matter.
TIF districts, De Graff said, are a necessary means by which south suburban communities try to bolster their local economies.
“There is no way in the Cook County suburbs that we can attract businesses without providing incentives,” he said.