City approves St. Joseph Hospital TIF district
Brock A. Stein | 1/19/2017, midnight
The City of Joliet has approved the creation of a Tax Increment Funding (TIF) district for the area surrounding St. Joseph Hospital in the city’s downtown.
At the beginning of January, city officials heard details of a feasibility study that was completed in 2016 that showed of the 110 parcels being considered for the TIF, 74% were deteriorating and about 96% not being up to current building code. The study also found a lack of community planning for the area citing overcrowding of structures, inadequate parking, sidewalks and access to right of way.
City Manager Jim Hock said Tuesday night that the TIF plan had the full support of the hospital’s administration which he said hopes will encourage reinvestment in the surrounding community and “bring up to today’s modern standards some of the facilties surrounding the hospital.”
The new TIF district area encompasses the land around the hospital district including Glenwood Ave. on the north, Republic Ave. on the west, Hammes Ave. to the east and parts of Jefferson Street on the southern edge.
The TIF district could generate around $17.95 million to be reinvested in to the area over the 23-year lifespan of the district. Those funds could be directed toward improving public infrastructure as well as the surrounding streetscape, landscaping, and signage.