Maps, Projects & Incentives
Learn more about the economical advantages of Lisle.
Expand Your Business Opportunities
Lisle utilizes various forms of support, assistance and development incentives to attract new business and to assist existing businesses to successfully expand.
LEDP can help you identify programs that would be suitable for new business development and for those existing businesses that wish to expand their business.
LEDP will help to facilitate meetings with appropriate agencies and resources as well as work with businesses to successfully connect with the Village of Lisle.
Request a Pre-Application Meeting – this meeting provides any business with an opportunity to meet with LEDP staff and Village Staff to discuss potential development proposals allowing staff to outline the development process and procedures as well as ensures Village wide coordination. There are no fees charged for the pre-application meeting and no project is to big or small.
Expand your business opportunities
Expand your business opportunities
The LEDP is committed to support the Village of Lisle elevate the community and its businesses to ensure successful business development and growth. We work to coordinate public and private efforts to improve all of Lisle’s business districts. We also are available to:
- Facilitate communication between public and private leaders
- Provide information on resources and opportunities to support business attraction and retention
- Serve as a source of advice on technical aspects of development in Lisle
- Provide information to support general economic development priorities and functions
- Recommend opportunities to cope with economic issues
- Marketing to all sectors, locally, regionally and nationally
- Provide community outreach
- Business advocacy
Business Development Grant Program
In an effort to promote quality economic development, the Village of Lisle has adopted a business development grants program that includes a Restaurant Grant Program, Retail Business Build-Out Grant Program, and a Shopping Center / Multi-Use Retail Grant Program. Grant program applications.
- Restaurant Program – Allows businesses to be reimbursed for up to 50% of costs incurred to locate a new restaurant within the corporate limits of the Village of Lisle. The maximum program award amount is $50,000 per location. Restaurant Grant Program Application
- Retail Business Build-Out Program – Allows retail businesses to be reimbursed up to 50% of costs incurred to locate a retail/sales tax generating business within the corporate limits of the Village of Lisle. The maximum program award amount is $15,000 per business. Retail Business Build-Out Program Application
- Shopping Center/Multi-Use Retail Program – Allows property owners to be reimbursed for up to 50% of costs incurred for rehabilitation of commercial shopping centers within the corporate limits of the Village of Lisle. The maximum program award amount is $50,000 per site. Shopping Center/Multi-Use Retail Program Application
Economic Development Committee is a valuable resource of the LEDP and the Village Board in promoting the economic vitality of the Village of Lisle.
What is a TIF (Tax Increment Financing)
Example of TIF Eligible Expenses
- Costs of studies, certain administration and professional services
- Costs of marketing sites
- Property assembly, demolition, preparation and environmental site improvement costs
- Costs of rehabilitation, reconstruction, repair or remodeling and replacement of existing public buildings
- Costs of construction of public works improvements
- Costs of job training and retaining, including “welfare to work” programs
- Certain Financing costs
- Approved capital costs for taxing districts
- Costs of reimbursing school districts for their increased costs due to TIF assisted projects
- Relocation costs
- Payments in lieu of taxes
- Costs of job training, retaining advanced vocational or career education provided by other taxing bodies
- Costs of reimbursing private developers for interest expenses incurred on approved redevelopment projects (up to 30% annually of redevelopment costs)
- Cost of construction for new housing units for low income or very low-income households (for displaced residents within the TIF)
- Costs of day care services and operational costs for day care
Typical TIF Financing
A developer looks for a variety of funding sources to build out a project. They will request a loan from a bank. The bank will review the developer for creditworthiness as well as look at the projected revenue the project will generate. They are looking for a positive cash flow that is steady and predictable.
Increment financing committed from the TIF is used as a form of cash flow that can be collateralized for a loan to build the project.
A Pay-as-you-go increment reduces the risk to the community. The developer identifies a 3rd party to lend funds based on the increment, not the Village,lowering the risk to the public.
The developer only gets the subsidy that is generated by the development.
Proposed Project For Downtown Lisle
The developer, Flaherty & Collins (“F&C”), will soon present to the Village Board a project proposal for the Southeast corner of Ogden and Main on the vacant Family Square property.
The project will be a mixed-use building comprised of commercial and residential units. The project has the following features:
- 206 luxury apartment units
- 12,000 square feet of retail space comprised of units around 1,000 to 1,500 square feet
- 485-space structured parking garage
- Total project cost is estimated at $58mm
Of the 485 parking spaces, there will be 90 spaces dedicated to public parking. The current parking lot at the Family Square shopping center, while not public parking, provides 97 parking spaces.
How TIF Works
The project be in the Village’s existing Downtown Tax Increment Financing (‘TIF’) district. When a TIF district is established, any new property taxes generated development (“TIF Increment”) can be used towards certain eligible costs related to economic development projects. In this case, F&C has indicated that to earn a reasonable rate of return on its investment, the project would require financial assistance to cover a financing gap in an amount of less than $5.5mm that would be paid over time with interest as an incentive to develop the project. However, the project is projected to generate an amount in new property taxes sufficient to provide the financial assistance.
F&C will request the Village provide the TIF assistance as an incentive to complete the project. The developer has only requested to receive the financial assistance only from the new property taxes generated by the project and not from any other revenues of the Village or any other taxing district.
The Village is required to set aside a 2% of the TIF Increment related to the residential portion of the project that could be used to reimburse the library district of the costs of having new patrons and 40% of the TIF Increment related to the residential portion of the project to reimburse the school district for the cost to educate any students that live in the development. Because F&C builds and operates its other properties, F&C’s experience has shown on average that they have two students living in each of their 20+ buildings that are similar in concept to the proposed Lisle development. It is anticipated that the amount the Village will have to set-aside is in excess of the actual cost of educating students. The TIF Increment not used to reimburse the library and school district can, depending on future negotiations, be used for other TIF eligible costs, including but not limited to the reimbursement of certain school capital costs, and for declaration as surplus TIF revenues and returned to the taxing districts on a pro rata basis.
Unlike F&C’s previous proposal, the Village is not being asked to issue general obligation bonds or to own the garage.
F&C will submit their proposal for the Village’s formal review. The Village Board will decide whether to negotiate a Redevelopment Agreement with F&C for TIF assistance. If a deal can be reached, the Village Board will vote on whether to enter into the Redevelopment Agreement.
The Village has hired specialty consultants whose job is to advise the Village on whether the TIF assistance requested is necessary to develop the project. They will continue this assessment if the Village precedes with negotiations.
Let us know how you feel about the Flaherty & Collins proposed project by taking our Downtown Project Survey.
Next Steps In The Development Process For The Proposed redevelopment of Family Square by Flaherty & Collins
- August 2021 – Village Board agreed in general to move the proposed project forward and directed staff to negotiate a draft redevelopment agreement with F&C.
- September thru October 2021 – Village Staff, council, consultants and LEDP will work together to work with F&C on a deal.
- November 2021 – Village Board will review and consider the terms and conditions of the RDA and the economic/TIF incentive agreement and approve the agreements.
- January and February 2022 – A public hearing will be conducted relative to F&C’s zoning petition.
- TBD 2022 – The Village Board approves a zoning ordinance that grants the relief set forth in the zoning petition.
- TBD 2022 – The Village Board approves the developers final development plans and plats that are necessary for the development.
- TBD – The Village issues development/and or building permits.
Village of Lisle is Committed to Quality Redevelopment
of Award-Winning Downtown Lisle
The Downtown Lisle TIF provides the financing to build upon the downtown’s already strong foundation and to spur additional economic growth in the area. It will help generate those public-private partnerships with investors and developers necessary to fund and finance quality commercial and mixed-use projects in Downtown Lisle.
The Lisle Village Board established the following goals for the Downtown Lisle TIF District:
- Promote the redevelopment of existing vacant or underutilized property
- Provide for the assembly or coordination of property for viable, quality redevelopment projects
- Facilitate and coordinate parking improvements that are aligned with Downtown growth and development
- Provide for the necessary site preparation, grading and demolition of development parcels
- Coordinate redevelopment activities within the district in a manner that conforms with the fiscal and economic development policies of the Village