The proposed area is approximately 130 acres of retail, office, and mixed uses, including (but not limited to): Village Center, County Line Square, TCF property, Marriott, Lifetime, and Burr Ridge Office Park.
The village contracted SB Friedman to perform a feasibility study and create a plan. The study found that the downtown assessed property values have grown more slowly than the village overall. There is a non-existent or inadequate street layout adjoining all parcels, and there is a deterioration of site improvements at 72% of the parcels within the proposed District.
With the results from the study, SB Friedman found that Burr Ridge can create a business district in the proposed area to aid in its continued overall development.
Will this affect property tax rates?
No, the Business District may only levy sales and hotel taxes, property tax rates will be unaffected.
Can any taxes generated be spent on anything else besides improving the downtown?
No. All taxes must be spent within the boundaries of the Business District.
How will these taxes be used?
Eligible uses of funds include:
- Creation of studies or plans.
- Acquisition of property.
- Clearing and grading of land.
- Demolition of existing buildings.
- Installation or repair of infrastructure.
- Renovation of existing buildings or construction of new buildings.
- The ability to borrow money against revenues from the district.
- The reimbursement of costs related to the implementation of a plan.