Ogden's OASIS is coming
Judicious administration of Ogden's TIF District has built up a funding surplus. Business wants to put some of it to work.
Established February 6, 2001, the village's goal for the Ogden Avenue TIF District is to create a renewed and larger economic engine for Downers Grove. Instead of borrowing money and creating more debt, the village has employed incentives like home rule sales tax exemptions and rebating a portion of sales tax based on performance. The village also has employed a pay-as-you-go or developer notes system. The business spends money on improvements under an agreement with the village and the village refunds them some of the investment each year instead of up front. So far, the program has avoided interest payments and debt load. The village council on Sept. 14 approved the Ogden Avenue Site Improvement Strategy or OASIS, a program aimed at kick…
