Although consultant Steve Friedman says investment in the Downtown area will not happen "but for" creation of the TIF district, property owners in the area say rumors of developer interest have proven true, as a handful are making inquiries about properties that have yet to hit the market.

"Five or six" suitors reportedly are interested in the village's old police station on Main Street, a block west of the intersection of Old Rand Road, the heart of the Downtown area. In addition, at least three developers are interested in the former Dearborn Corp. property, including Concord Homes, which is proposing to build homes there.

That developer interest, one critic says, is enough to disqualify the area from TIF designation, as it fails to meet a test required by legislation. Specifically, municipalities must prove redevelopment would not occur "but for" the creation of a TIF district.

Friedman says equalized assessed value of properties in the proposed TIF area have declined 3% a year while the rest of the village has seen an increase of 4% annually. Besides age and obsolescence of properties, the area suffers from odd-shaped parcels with poor access and buildings that have undergone frequent remodeling. "They're generally awkward for continued use," Friedman adds.

Although the TIF budget has $6 million allocated for property acquisitions, Village President Jim Krischke says no parcels have been identified. Also, there is no developer of choice yet. "The village has not entered into a contract," Krischke adds. "Whether we issue a request for proposals or request for qualifications will be discussed at upcoming meetings."

He also cautions property owners about developer inquiries. "If you're approached by a developer, deal with them like you would any other business dealing," Krischke says. "Be very cautious before you make a decision."

The largest TIF expense, according to the budget, would be $10 million for public works projects. Rehab costs are estimated at another $5 million.