Create an environment for Economic Development that includes a clear comprehensive approach that meets needs of diverse constituents which results in increased commercial vitality village-wide. Focus on retention, recruitment and reinvestment. Prioritize big ideas and unique opportunities that brand Oak Park as a distinctive, one-of a-kind community.
It is the Board’s Goal that by 2025, the Equalized Assessed Valuation (EAV) of Oak Park grows from $1.38 billion to $1.58 billion as a result of a minimum $600 million in new private investment in Oak Park which will grow new property tax revenue by $3.6 million annually for Village government as well as grow new property tax revenue by $24.5 million annually for all Oak Park taxing bodies. A supporting goal is to grow total sales tax revenue by 2025 by 50% from $6.8 million annually to $10.3 million in 2025.
- Focus on moving forward Lincoln Properties development at South Boulevard and Harlem.
- Focus on moving forward the established economic goals for Madison Street and begin implementation of its redevelopment.
- Evaluate the economics of each TIF District and analyze the merits of an extension.
- Create a truly comprehensive Economic Development plan for each non-DTOP business district in the Village:
- Move forward with establishment of a CDBG Section 108 Loan Program to create economic incentive funding to support private investment in the interior and exterior of businesses. The Program should consider a defined percentage of participation and a defined time period to rewards early investors.
- Update the Village’s Zoning Ordinance to facilitate development opportunities.
- Complete the analysis of business incentives unique to Roosevelt Road (e.g. TIF, SSA or BID) with input from SEOPCO/Roosevelt Business Associations.
- As part of the annual budget process, evaluate directing Village appropriations for the arts towards the Oak Park Arts District (e.g. Sculpture Walk)
- Ensure there is a clear Oak Park marketing plan which includes branding, marketing and messaging.
- Review with the EDCs coordination with the Chamber of Commerce and other private entities in order to reduce public funding reliance and generate private support.
- Review bi-annually the metrics related to the state of the economy with the EDC including vacancy rates and tax base.