As we are all aware, there are significant infrastructure improvements that need to be addressed within the Bensenville North Industrial Park area. In order to address these needs, the Village had originally proposed a special assessment district which encompassed the entire north industrial park as well as certain adjacent areas and included the comprehensive upgrade to all infrastructure within this area relating to the water, sewer, stormwater, road and street light systems. The price for constructing and financing these improvements crept up to $46M, raising concerns as to the scope and cost of this project.
The Village understands the impact of the current economic climate on its businesses. The Village is therefore abandoning the comprehensive Special Assessment concept and resulting litigation. We also recognize that improvements are needed to insure life-safety and property values are maintained. In order to allow the Village to move forward in partnership with our industrial property owners and businesses, the scope has been modified, reducing total project costs to approximately $24M. Additionally, the recommended funding structure has been changed. We are now recommending specific improvements within 7 special service areas (“SSA”). As proposed, 50% of the cost for the improvements within each SSA would be funded by the Village through the establishment of a Tax Increment Financing (TIF) district. The other 50% of the cost would be funding through a special tax levied on the properties located within the applicable SSA.
If there are questions that we can address, please contact Director of Public Works, Joe Caracci (phone: 630-350-3431 or email: )
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