Roselle-Nerge TIF District Established
With an eye toward the redevelopment of several properties in the northern section of Roselle, the Village Board approved ordinances establishing the Roselle-Nerge TIF in July 2015. The approval process also included the review of an eligibility study and redevelopment plan, and a public hearing.
The Roselle-Nerge TIF consists mostly of commercial property on both the east and west sides of Roselle Rd. from Devon Ave. on the south to several blocks north of Nerge Rd. on the north – including the interchange of Roselle Rd. and I-390. The eligibility study indicated that the roughly 30 acre area qualifies as a “blighted area” as defined by laws governing TIF districts. A boundary map of the TIF is included in the Eligibility Study and Plan linked below.
A TIF district is a development tool used by municipalities to address economic underperformance in a specifically identified area. A baseline property tax value is determined when a TIF is created, and that value remains the same, for taxing purposes, throughout the 23-year life of the TIF. Any increase in property tax values during the life of the TIF is reinvested back into the district to fund development and redevelopment projects.