Burr Ridge, Illinois
Burr Ridge Parkway TIF

The Burr Ridge Parkway TIF district was established to create a mechanism to facilitate new commercial and appropriate mixed use development on vacant land in the Burr Ridge Corporate Park. The Corporate Park has been only marginally successful since development began in 1983. Despite significant infrastructure improvements during the 1980s to prepare parcels for development, only limited construction had taken place in the Corporate Park. Besides market conditions that limited demand for office and commercial development in the early 1990s, Cook County's property tax structure has hampered development efforts to a significant extent. The vacant tax parcels included in the TIF district had experienced declines in their assessed valuations or had been the subject of tax sales and foreclosures.

The Village sought to establish a tax increment financing district in order to attract the type of office and related developments envisioned under the annexation agreement for the site and expand the community's economic base. Before determining that tax increment financing was the most viable means of financing economic development incentives in this area, the Village considered a number of other options, including sales tax and property tax rebates. Camiros assisted in this effort, and subsequently prepared the eligibility analysis and redevelopment plan for the TIF district.