Applications for TIF Assistance
In 2021, the Village Board adopted Policy 40 - Tax Increment District (TID) Creation & Tax Increment Financing Assistance. The policy established a process for TID creation and TIF public funding requests for development that align with a public need or benefit. The Village Board also extended TID #1 by Resolution No. 2021-08 to fund affordable housing. State law allows the extension of a TID up to one year. At least 75% of the final increment must benefit affordable housing with the remaining portion used to improve housing stock. Following that action, the Village Board tasked the Community Development Authority (CDA) with studying different ways to utilize the funds and to make recommendations as to the best uses for Shorewood.
The CDA provided an educational series in 2021-2022, Spotlight on Housing, prior to evaluating how to utilize TID #1 extension funds. The CDA has chosen to further explore rental offense strategies such as housing vouchers, as well as reviewing any developer applications for the TID extension funds.
In February 2022, the Village Board requested staff to ask any multi-unit developer to consider affordable housing. Wimmer Bros. (4414 N. Oakland Avenue) declined. Three Leaf Development applied to fund affordable housing within their approved development (2418-20-28 E. Capitol Drive). Three Leaf's application will be the first application to use the new Policy 40 application process, as the same evaluation process may be utilized for requests for TID #1 extensions.
Three Leaf Development Request for TIF Assistance
Phase I Application
|1.||Preliminary Review of Application||Planning Director conducted a zoning review upon application by developer on 1/18/22. Initial application did not specify affordable units|
|2.||Consistency with Village Plans & Zoning||Plan commission approved application for Zoning Review to confirm sideyard setback at 2418-20-28 E. Capitol Drive|
|Village Board requested developer consider affordable housing within their proposed market rate developments|
|Design Review Board approved multi-unit development plans|
|At request of developer, Planning Director conducted additional zoning review on 6/10/22. Application did not specify affordable units.|
|3.||Submission of Phase I Application||TBD|
|4.||Applicant Public Outreach Plan||TBD|
|5.||CDA Recommendation to Village Board||CDA meeting on 11/3/22 at 9:00 am|
Phase II Application
|1.||Village Board provides direction on requirement of further exploration on application||Village Board meeting on 11/7/22 at 7:30 pm|
|2.||Applicant Public Outreach Plan||TBD|
|3.||TIF application & development agreement terms||CDA meeting on 11/11/22 at 9:00 am|
Phase III TIF Project Plan & Feasibility
|Not applicable||Village extended TID 1 for purposes of affordable housing. Developer is requesting TIF extension funds for affordable housing. No TID is requested to be created.|
Phase IV Policy Statements
|1.||Village Board consider development agreement with policy statements||Village Board meeting 11/21/22 at 7:30 pm|