Village Moves on Real Estate Purchases, TIF Fund Transfer to Spur Development

In a series of moves aimed at furthering its economic development goals, the Monee Village Board on Wednesday approved the purchase of two properties in its central business corridor and a related transfer of Tax Increment Financing (TIF) funds.

The board passed two ordinances authorizing the village to buy properties at 5661 Gail Avenue for a price not to exceed $205,000 and at 5512 W. Wilson Street for up to $230,000.

The Wilson Street property is one of only two remaining parcels not owned by the village in the business center it is actively developing.

The vote to purchase the Gail Avenue property passed 3-1, with Trustee John Henson voting against the measure. The purchase of the Wilson Street property was approved unanimously.

To support these and other development initiatives, the board also approved the transfer of all remaining funds from its TIF 3 district to its TIF 5 district. According to a village memo, TIF 3 is scheduled to close at the end of the calendar year after successfully meeting its redevelopment objectives.

Because TIF 5 is an active redevelopment district geographically contiguous with TIF 3, state statutes permit the transfer. The move ensures the money remains dedicated to infrastructure and development.

Village Administrator Ruben Bautista explained that over the past four years, the village has proactively used corporate funds for numerous TIF-eligible projects, including water system upgrades, sanitary line work, and the new sidewalk program.

Following the transfer of funds into the TIF 5 account, the board approved a second motion to use those funds to reimburse the village for those prior TIF-eligible expenses.