Village Board Ends 25-Year-Old Washington Park TIF District

Homewood’s Washington Park TIF district was formally terminated during Tuesday’s Village Board meeting. 

Formed more than two decades ago, the district spans 240 acres in the northwest corner of the village. Nearly all of the large commercial development that exists on Halsted Street falls into the TIF, including , and .   

"A quick measure of success is the impact on the equalized assessed valuation (EAV),” said Village Manager Mark Franz. “The Washington Park TIF has grown from a starting EAV of $3 million to over $72 million. This represents over a 2,000 percent increase in EAV.”

Last month, Franz discussed the end of the TIF at length in a Patch story titled ".

Since 1987, the Washington Park TIF district has created revenue surpluses in excess of $40 million thanks to the dramatic increase in property value brought on by the major developments. The village routinely was able to release millions of dollars to the schools, park district, library and other taxing bodies.

Praise for the district’s success was unanimous. 

"It's a tremendous success," said Board President Richard Hofeld. "I would like to compliment previous village boards for all that they did to bring this about."

“This is exactly how TIFs are supposed to be,” commented Trustee Anne Colton. “This is a fantastic success story.”

Franz summed it up by reiterating what his cohorts felt: “By all accounts, the Washington Park redevelopment program has worked.”