The Village of Bedford Park, well known in the Chicago region for their radio advertisements during Blackhawks and White Sox games, is located approximately 10 miles southwest of downtown Chicago and just south of Midway Airport. The Village has a large industrial base, and close proximity to multiple transportation options including convenient access to major highways, rail and air. Teska has assisted Bedford Park with the establishment and maintenance of multiple Tax Increment Financing Districts. The collective success of the Village’s TIF districts has provided significant economic benefits to the Village through improvements to infrastructure and recruitment and retention of commercial and industrial businesses.
In 1991, the Village established the 72th and Cicero Avenue TIF Redevelopment Area incorporating commercial parcels along the Cicero Avenue corridor, and further amended this plan in 2006. In 2008, the Village similarly created the 67th Street and Cicero Avenue TIF Redevelopment Area to target nearby industrial parcels for redevelopment. These TIF redevelopment areas have been successful in promoting private commercial development including a Target Greatland and Wal-Mart, as well as rehabilitation of existing industrial parcels.
In 2003, the Village conducted a Market Feasibility Study for the 65th Street industrial corridor that examined existing conditions and potential development opportunities. Numerous vacant and underutilized industrial properties spurred creation of the TIF District, specifically targeting large vacant sites and targeted public improvements served as the catalyst for redevelopment in the area. The eligibility study and accompanying redevelopment plan was approved and adopted by the Village in July 2010, and has led directly to multiple new industrial developments within the district including Dunkin Donuts largest bakery, and FarmedHere – the United States’ largest indoor vertical farm.
In March 2015, the Village of Bedford Park engaged Teska Associates, Inc. to evaluate vacant parcels along Archer Road for TIF eligibility. These parcels include the recently vacant Landmark Banquets facility, and numerous industrially zoned vacant parcels. These industrial parcels had remained vacant for many years and qualified as an Industrial Park Conservation Area eligible for TIF designation. The Archer Road Industrial tax Increment Financing District was approved in October, 2015.
This TIF is located at the southwest corner of Cicero Avenue and 65th Street, just to the south of Midway Airport. This TIF was created in 1987 and has helped to spur the development of multiple successful hotels, including Holiday Inn, Marriott, Hampton Inn, Fairfield Inn, Residence Inn, Hyatt Place and others. The success of this TIF district has helped to generate other redevelopment throughout the Village and the region as a whole. Although Teska was not involved in the creation of this district, Teska has worked with the Village for many years to help analyze and evaluate proposed new developments within the TIF.
