The Village has negotiated an agreement with CDH to act as a developer for this project. In return, CDH is constructing a parking deck to accommodate increased visitors and staff, which can also be used by residents and visitors on weekends. This agreement hinges on the Village creating TIF #2, which is the final ingredient needed for the redevelopment plan to work.
As a nonprofit entity, the CDH parking deck would normally be exempt from property taxes. However, under our agreement, CDH will put the deck on the property tax rolls for 20 years. Tax revenue from the parking deck will contribute to the Village’s TIF fund established by TIF #2, along with other revenue generated by new development in the TIF.