Welcome to 3rdWard.org, a website dedicated to communication and transparency between Des Plaines City Government and you. This website, maintained by 3rd Ward Alderman Denise Rodd, is designed to keep neighbors engaged in their community and informed about issues.

Entries in TIF 6 (2)

Thursday
May242012

Pesches, TIF 6, & Warehouse Direct

Just a few updates from this week's meeting.  Pesches petitioned for and received approval for an electronic sign to replace their traditional sign on River Road.  This new sign will actually be smaller than the existing sign. 

TIF 6 and The Parking Spot development is picking up steam. (my last post on the topic)  The Council approved the preliminary planned unit development (PUD) agreement.  The final details are being hammered out before the final PUD agreement is brought back.  I'm ready to turn this liability around. 

We received word that Warehouse Direct has officially established their business in Des Plaines (May 1) and they'll soon be totally moved into the new facility (June 1).  I'm excited to welcome this business to town.  New jobs and new revenue are a huge win - great job economic development team!

Monday
Feb062012

Huge 5% Tax Increase Avoided - Working To Fix Yesterday's Problems

Tonight's meeting was filled with high stakes decisions.  The biggest - TIF #6 began as an exciting hotel development and wound up stuck in a legal and financial mess for years.  One of the first moves we made three years ago was to refinance the bond debt of ~$10MM to buy us some time.  Since then, we went out for an RFP to find a developer who could turn this liability into an asset for the city.  Put in simple terms, if we did nothing...we would be forced to increase taxes by 5% next year or cut deep into city services (ballpark: $220k revenue per 1% property tax increase) in order to find the $1,125,000 in debt payments.  This pain would ratchet up annually, making future budgets bleak.  The time for action was now.  

If we did nothing, we'd be $19MM in the hole by 2025.  Conservative estimates suggest the approved project and it's 5 revenue sources (property, sales, parking, hotel, & food/bev tax) will produce something between $14-21MM by 2025...that's potentially a +$40MM swing.  This is a huge win for taxpayers.  

I'm excited to be a part of this positive momentum that's changing the way DP does business.   More to come...