Properties, is now preparing a third, larger investment in Oak Forest, an indication that the city’s “open for business” posture is resonating with the private sector. The city has built a pragmatic incentive toolkit to help projects pencil in a high-cost environment, especially given the tax differentials that exist between Cook County and neighboring jurisdictions. For existing businesses, a new business improvement grant— funded directly from the general fund—helps owners refresh storefronts, address accessibility needs, and expanding the operations of their current businesses. For larger redevelopments, Oak Forest leans on Cook County’s widely used Class 8 property tax incentive, while also deploying the South Suburban Mayors and Managers Association’s reactivation grant in cases where city- or nonprofit-owned parcels return to the tax rolls; Oak Forest inaugurated the program locally when relocating a Dunkin’ near 159th and Cicero. The city complements those tools with redevelopment agreements tailored to the pro forma—combining Tax Increment Financing with fee and permit relief when needed—to close gaps and keep investment within city limits.“We don’t wait for investors to find us,” Ruane says.“We build the framework that makes investment make sense.” 127 CIVIL AND MUNICIPAL VOLUME 06, ISSUE 12 OAK FOREST, IL
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