Politics & Government
City Considers Tax Incentive for Vacant Car Dealership
City administrators are in the early stages of creating a special taxing district surrounding the former Community Motors property on 159th Street.
have taken the first steps in exploring the possibility of redevelopment of the area surrounding the former Community Motors on 159th Street.
Aldermen Tuesday signed off on taking the next steps in creating a Tax Increment Financing (TIF) district for the Redevelopment Project Area, which also includes the , , and a church.
The next step includes public hearings and a meeting of local government taxing units to discuss establishing a special taxing district for the site. The meeting is scheduled for Jan. 12, 2012, at 8 p.m. in council chambers at
Find out what's happening in Oak Forestwith free, real-time updates from Patch.
The TIF district would help fund various project costs and help attract private private investors to the area, which has seen a significant decline since the closure of the dealership.
The TIF process could take as many as three to four months, said Bob Rychlicki, a city consultant and vice president of Kane McKenna and Associates Inc.
Find out what's happening in Oak Forestwith free, real-time updates from Patch.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
