During the past several months, the Village of Oak Park, District 97 and District 200 have been engaged in discussions about an amendment to the current Downtown TIF agreement that would enable the village to pay for environmental remediation at the site of the Station Street project. Under this amendment, the village would have a one-time opportunity to forgo the payments that are due in accordance with the agreement in order to recoup $3 million in TIF eligible expenses that would be used to fund the remediation work.
Our board spent a great deal of time studying and discussing this issue, especially given the critical juncture we are at in terms of our district’s financial future. In the end, we decided to support this amendment because it would mitigate the need for the village to raise taxes to cover the cost of work that, while unexpected, is necessary for the successful completion of the project.
We understand the unique challenge this situation created for our fellow governing bodies, and appreciate their willingness to find a solution that will help us build a better tomorrow for our community.