University Park board agrees to advance TIF‑7 amendment process to add 190 acres for industrial development

Venture One Real Estate representatives briefed the Village of University Park on a proposal to expand Tax Increment Financing district (TIF) No. 7 to include roughly 190 acres near Cicero and Steger, seeking road, water and sewer extensions to enable industrial and mixed-use development.

Why it matters: Expanding a TIF district changes how future property-tax increments are distributed and can fund major infrastructure; trustees emphasized the need for transparent financial terms, environmental safeguards for wetlands and a clear timeline before any final ordinance is approved.

Justin Galante, representing Venture One, said the expansion would allow the company to build necessary infrastructure — including expansion of Steger Road and utility extensions — which Venture One would initially fund and later seek reimbursement for through TIF increment. "Expanding the TIF will allow Venture One to put in the necessary infrastructure to unlock the future developability of the site," Galante said, describing a plan that keeps most land industrial with retail at corners and 60 acres in Cook County proposed for future residential uses.

Trustees pressed for details. Trustee Boot asked about the road cost and repayment terms; Galante and TIF consultant Charles Durham said specific reimbursement percentages and cost breakdowns had not yet been negotiated and would be presented at a later date. A finance staff member identified as Chris told the board TIF 7 generated over $1 million in revenue for fiscal year 26 after minimal revenue the prior year; another speaker said TIF 7 still owed about $30,000 to the general fund. Trustees also asked for the eligibility report, the draft ordinance and exhibits to be provided in the board packet ahead of the next meeting.

Environmental questions surfaced: Trustee Thompson asked about wetlands and runoff; Venture One representatives said existing wetlands are along the east side and the proposed development would include on-site stormwater-management to keep runoff contained. Trustees expressed concern about long-term brownfield risk if a large industrial user left a site in later years; Durham acknowledged that final user selection and environmental safeguards would be part of later negotiations.

Process and timeline: Durham outlined a process that would send notices to affected tax districts, a joint review board meeting proposed for May 19 and a public hearing proposed for June 23; he said the ordinance brought to the board would include the eligibility report. After discussion, the board agreed by majority to "move this forward" to the next agenda to initiate the formal TIF amendment process; that vote authorized the timetable and notice steps but was not final approval of an ordinance.

What’s next: Staff and the consultant will provide the draft ordinance, the eligibility report and detailed financial projections to the board in advance of the next meeting; the joint review board meeting and public notices will follow the timetable outlined by the consultant.