News | Condo Deal Approved

Bedford Park continues to see tax increment finance districts as the solution for development. According to Village President Dave Brady “TIFs have been excellent.” Brady said that tax breaks have done wonders for the village and that he’s happy for the way TIFs have worked out for the village. The village board has scheduled to discuss an amendment to the 72nd and Cicero TIF redevelopment area on November 15. Among other things, the board will look to discuss details about the amendment and review the ordinance before they bring it to a public hearing before the Joint Review Board for input and any recommendations. The village board is looking to add a parcel of land on 73rd and Cicero to that TIF district where a strip mall anchored by a Lasalle Bank and two other retail stores is located. The site lay vacant for a year before the strip mall, which includes a guitar center was developed. Village Attorney Larry Gryczewski said the village is still negotiating with the developers to reimburse them for reconstruction and demolition costs but he said that no bonds were issued for the site. Gryczewski said that the negotiations with the developers are still in progress but that he figures they will receive a little less than $1 million back depending on the revenue generated from the site. Brady said that the other TIFs in Bedford Park have been performing well and that there have been no problems for the local school districts. The board meeting is scheduled for Thursday, Nov. 16.