WINFIELD TOWN CENTER REDEVELOPMENT PLAN & TAX INCREMENT FINANCING DISTRICT 2
The goal of the Village’s Town Center redevelopment plan is to attract new restaurants and retail businesses, create new public amenities and beautification projects, and permanently generate additional revenue for the Village, schools, parks, library, Fire Protection District and other taxing bodies. The plan also allows for the construction of a modest Village police station and municipal center, which will replace the current dilapidated, inadequate facilities and also open up prime land adjacent to the Metra Station for commercial development. Importantly, all of this will be accomplished without raising residents’ property taxes.
Along with additional new businesses catering to residents and visitors, other public developments planned will include a public plaza on a portion of the land currently occupied by the Village Hall, utility undergrounding, new streetscaping, outdoor furniture, plantings, sidewalks and other amenities.
To achieve this redevelopment plan, the Village intends to use an economic development tool known as a Tax Increment Financing (TIF) District to make the redevelopment plan a reality. An overview of what a TIF District is and how it works can be found in the September 2021 edition of the Winfield Word. More details about TIF districts are also provided in the below documents.
On Sept. 16, the Village of Winfield held a public hearing about the plans for Winfield Town Center. Village Board President Carl Sorgatz presented the latest redevelopment plan to create a pedestrian-friendly retail destination district and public gathering space that will:
- Attract new restaurants and retail businesses.
- Create new public amenities and beautification projects for residents and visitors.
- Inspire new residential and commercial development.
- Permanently generate additional revenue for the Village, schools, parks, library, Fire Protection District and other taxing bodies.
- All without raising residents’ property taxes.
The Village Board heard from over 40 residents and other stakeholders who, on balance, voiced overwhelming support for the project. During the meeting, these speakers and Village Board members commented on some of the early benefits starting to take shape, including the first phase of Riverwalk Park which opens this October and will be further expanded next year with additional trails, amenities, and a band shell performance area.
Village Manager Curt Barrett noted that in the previous week ground was broken on a new commercial/office building being constructed on the vacant land directly across Jewell Road from the Village Hall. This building will host retail and restaurants on its first floor, medical offices on the upper two floors, and serve as an anchor for further mixed-use development on surrounding properties in the Town Center.
The Winfield Town Center plans offers a new vision for downtown Winfield, turning 6.75 acres of unused and under-used land into an inviting, attractive and vibrant focal point for the community.
The Village has negotiated the redevelopment agreement with Central DuPage Hospital (CDH) to partner in developing this extensive project that will transform the Town Center. It also allows CDH to construct its newest parking deck to accommodate increased visitors and staff. This deck will be available for use by residents and visitors on evenings and weekends. As a nonprofit entity, the CDH parking deck would normally be exempt from property taxes. However, under Winfield’s agreement, CDH will place the deck on the property tax rolls for a minimum of 20 years.
Property tax revenue from the parking deck and other new projects in the Town Center will contribute to a new Tax Increment Finance (TIF) District. The TIF fund will be used for incentives to attract new businesses and assist existing businesses, for planned public developments for residents, and for a new police department/municipal center. The Village Board plans to vote on advancing the TIF at the regular Board meeting on Thursday, Oct. 7.
Meanwhile, the Village is collaborating with the school districts and other taxing bodies that govern Winfield to develop an Intergovernmental Agreement that will permit these entities to benefit from the financial rewards of TIF development in Winfield Town Center over the next several decades.
FREQUENTLY ASKED QUESTIONS AND ANSWERS