Community & Financial Gap Analysis

The Village recently retained the expert consulting services of Teska Associates, Kane, McKenna & Associates, and Business District Inc. to provide assistance and support for TIF assisted redevelopment projects.  The Consultant was required to establish an understanding of the current economic conditions (Phase I) relative to the marketplace that will drive the Village’s ability to identify qualified developers to undertake the redevelopment within the TIF District as well as other overlay districts.  In addition to the economic realities, the redevelopment plan was focused on new developments that meet the Form-Based Regulations (FBR) District. Secondarily, the consultant established an understanding of the current economic conditions in the TIF District as found in the Downtown Overlay District (DOD).  Lastly, the Consultant established an understanding of the current economic conditions in the TIF for all remaining areas outside of the FBR and DOD.

The proposed financial and community gap analysis will establish a better understanding of the full impact of the TIF and redevelopment in the Village including the following:

  1. A thorough financial analysis of the current bond structure and debt repayment schedule and the ramifications on Village finances.
  2. Evaluation of the current financial debt obligations and correlation with the present and future redevelopment needed to meet the Village debt obligations.
  3. A community gap analysis in relationship to today’s local market and economic conditions to identify the type of redevelopment projects that have a likelihood of being attracted. Essentially identifies which of the development types, inside and outside of the TIF, that is most likely to occur in the near term and pursue those developments as a top priority.
  4. Financial tools available to non-home rule municipalities that can be used in lieu of general purpose funds to cover the identified community gap.
To identify project areas within the TIF district that are best suited for immediate development considering the Village’s current financial needs, the Consultant also reviewed current plans for the TIF, FBR, and DOD.  They put together their findings in the 2011 Redevelopment Strategies

Phase II of the redevelopment project will include the identification and attraction of highly qualified and well-capitalized developer(s) which have a proven track record of success completing projects that match up with the vision, financial needs and capacity of the Village.

Phase III of this redevelopment project will include the engagement of highly qualified developer(s) and secure development agreement(s) which result in tangible and meaningful results as evidenced by completed construction projects throughout the defined redevelopment areas.