Former Silver Cross Hospital property qualifies for TIF District
The results of a feasibility study shared at a recent meeting of the Joliet Economic Development Committee indicate the former Silver Cross Hospital property and a pair of contiguous sites qualify for a tax increment finance (TIF) district.
A TIF District is an economic redevelopment tool designed to freeze the tax base within a set of given boundaries to allow the new dollars generated over time to pay for public improvements.
Economic Development Director Steve Jones said the site is deemed eligible for a TIF District, based on its conservation classification.
This is a determination made for redevelopment areas meeting a set of criteria in which a majority of the structures are over the age of 35, as well as the existence of a lack of growth within the equalized assessed value, deterioration and inadequate utilities.
Currently, the area in question is home to the Edward Hines, Jr. VA Hospital, Aunt Martha’s Community Health Center and Hope Manor.
A number of vacant parcels still exist near the former Silver Cross Hospital property.
Officials started the process of studying redevelopment options a little more than a year ago.
The city wants the campus to become a site for cultural, economic and residential uses.
“A TIF District appears to be a way to incentive some unified development, and it’s important that it be unified,” Jones said. “I wouldn’t want this to be parceled off into parcels where it’s a question of disjointed use. Silver Cross agrees with that. They’ve hired a broker to market the project, and we’re hoping that they can attract a developer that will do mixed use.”
A public hearing for the proposed Silver Cross Hospital TIF District will be held at a later date.