The South Mount Prospect Tax Increment Financing (TIF) District began as a study to assess the area and determine how TIF could be beneficial to the area's residents and businesses. The Village hired SB Friedman to prepare the South Mount Prospect Redevelopment Project Area (RPA) Tax Increment Financing District Eligibility Report and Redevelopment Plan and Project. The preparation of this detailed report ensures compliance with the State of Illinois TIF statutes, discusses the eligibility of the area, and identifies a plan for improvements within the area using this financing.

The South Mount Prospect TIF was adopted by the Village Board on May 3, 2022. 

View the Study 

The South Mount Prospect Redevelopment Project Area (RPA) Tax Increment Financing District Eligibility Report and Redevelopment Plan and Project is available for public review as of February 18, 2022. View online via this link A hard copy is also on file with the Village Clerk. 

The South Mount Prospect Redevelopment Project Area Tax Increment Financing District - Amendment No. 1 is available for public view as of October 4, 2024.  View online via this link.  A hard copy is also on file with the Village Clerk.   The public hearing to consider Amendment No. 1 to the South Mount Prospect  Redevelopment Project Area will take place at the December 3, 2024 meeting of the Village Board. 

Join the South Mount Prospect TIF Interested Parties Registry here.  You will receive information regarding redevelopment projects and any proposed amendments to the South Mount Prospect TIF.

Previous Public Meetings

View Agendas, Packets and Minutes of previous meetings. 

Refer to Documents List on this page for meeting memos, resolutions, ordinances and other associated documents. 

May 3, 2022 Village Board Meeting | Consideration of Ordinances approving, designating and adopting the South Mount Prospect Tax Increment Financing District. View the agenda and meeting packet. 

April 19, 2022 Public Hearing | As established by the March 1 ordinance, the Public Hearing was held on April 19, 2022. Notice of said hearing was mailed pursuant to  TIF statue. View the public hearing.

March 22, 2022 Joint Review Board (JRB) | As established by the March 1st ordinance, the first meeting of the Joint Review Board was held on March 22nd. The JRB membership consists of representatives from all taxing bodies in the proposed TIF area, as well as a public member. At the March 22nd meeting, the JRB voted to recommend the Village Board create the South Mount Prospect Tax Increment Financing District. 

March 8, 2022 Committee of the Whole | The Village Board held a discussion on the South Mount Prospect Redevelopment Project Area Tax Increment Financing District Eligibility Report and Redevelopment Plan and Project (see South MP TIF Documents). Presentation was given by SB Freidman and Bill Cooney, Director of Community Development.  View the Village Board Meeting Agendas and Packets. 

March 1, 2022 Village Board Meeting |  The Village Board adopted an Ordinance which establishes dates for future meetings on the proposed South Mount Prospect TIF District. These dates include a Public Hearing date (April 19, 2022), as well as a date for the meeting of the Joint Review Board (JRB) (March 22, 2022). The adoption of this Ordinance starts the time frame for public review and notification necessary to adopt a TIF plan.  View the Village Board Meeting Agendas and Packets. 

October 5, 2021 Village Board Meeting | The Board authorized the Village Manager to execute a contract with SB Friedman for consultant assistance in  an amount not to exceed $33,900.  View the memo and supporting documents from the October 5th meeting. This contract included the following scope of work: 

1) Conduct a TIF Eligibility Reconnaissance Study

2) Prepare Redevelopment Plan and Project Document
3) Prepare Mailing Lists and Support Notice and Approval Process
4) Support Public Approval Process

December 14, 2021 Special Meeting of the Village Board | The Board approved a Reimbursement Resolution. View the memo and supporting documents from the December 14th meeting.

Adoption of a reimbursement resolution like the one enclosed is a common step taken by
municipalities that are in the process of creating a TIF district. The Reimbursement Resolution is has two purposes: 1. to allow the Village to reimburse itself for costs expended in creating the South Mount Prospect TIF District from revenues generated by the TIF District, should it be created, such the expenses of the Village' s TIF consultant and Village Attorney; and 2. to allow the Village to reimburse the " Developer," as defined in the Reimbursement Resolution, for expenses it incurs relative to the " Project," as defined in the Reimbursement Resolution, prior to negotiation and execution of a redevelopment agreement, should the Village and the Developer eventually negotiate for and enter into a redevelopment agreement. The Reimbursement Resolution does not create any obligations on the Village with regard to the Developer or the Project, and the Village retains the sole discretion to decide whether, and on what terms, to enter into a redevelopment agreement with the Developer for the Project.

Purpose of the South Mount Prospect TIF

Over the past several years, parcels have been incorporated into the Village, changing the landscape on what defines the south side of Mount Prospect. Key parcels such as the former United Airlines campus at Algonquin Rd and Linneman Rd, as well as parcels along Busse Road closed the "doughnut hole" of unincorporated properties south of Golf Road. With these incorporations, the Village has identified several needs for both the residential and business community, including infrastructure such as water, roads, and bike/pedestrian access. These improvements have significant costs, which are eligible costs utilizing TIF. 

The Village has prioritized areas in south Mount Prospect as seen directly in the 2020 Connect South Mount Prospect sub-area plan [View the Connect Mount Prospect plan] and via action items contained in the 2021-2022 Strategic Plan.