It's official. After a unanimous vote Monday, Morton Grove trustees approved the plan that they hope will renew the area at Dempster Street and Waukegan Road.
Prairie View Plaza, the shopping center at the southeast corner of the intersection, has lost tenants over the past few years, and its parking lot pavement is crumbling in places.
For that reason, the village of Morton Grove has spent months exploring the idea of establishing a Tax Increment Financing (TIF) district there. In a TIF plan, a municipality invests in infrastructure, and then plans to recoup its investment when the renewed properties generate higher property taxes.
The TIF plan encountered some oppositiion from residents However, the village that would allow the school districts to reap some of the financial benefits of the TIF plan. Essentially, the village would also create a business district--another designation under Illinois law--in the same location, and increase sales taxes in the designated area by 0.25 cents (25 cents on $100).
Morton Grove village trustees voted unanimously Monday to approve the TIF plan.