On Monday, November 13, 2017, the Village of River Forest Board of Trustees will consider a purchase contract to acquire the property located at 7610 to 7620 Madison Street at a cost of $1,000,000. This property is currently owned by Lutheran Children and Family Services (LCFS). The contract, if approved, calls for the property to be conveyed from LFCS to the Village in December of 2017.
The property, which was listed for sale in August of 2017, was identified in the Village’s 2009 Corridor Study as a prime area for redevelopment. This would be the first property that the Village would acquire in the Madison Street Tax Increment Financing (TIF) District, and would be a notable first step toward promoting redevelopment within this corridor.
Acquiring the LCFS property allows the Village to control its future use. Rather than waiting to react to a proposal from a developer, the Village has the ability to proactively identify how the land will be used and what type of structure will exist on the land. No development partner or project has been identified at this point, and any future redevelopment agreement would be subject to Village Board review and approval.
LCFS will continue to lease the property from the Village for a period of three months after the acquisition with options to renew their lease under mutually agreeable terms. Once LCFS vacates the building, the Village intends to keep the structure in place in the short-term.
The goal of the Madison Street TIF, which was created in 2016, is to maximize development in this corridor to improve the Village’s commercial tax base and stabilize the property tax burden placed on homeowners.
As a not-for-profit, LCFS does not pay any property taxes and ownership transfer to the Village will not affect any changes to those taxes. The Village will be paying for this acquisition from the Madison Street TIF District which will receive an interfund loan from the Village.