Lisle's 1st TIF District Continues to Decline in Value

In December 2010, the Village of Lisle Board of Trustees approved the single-parcel 2600 Warrenville TIF District and a Redevelopment Plan for Navistar's renovation of the 88-acre multi-building 1.2 million square feet office campus formerly owned by Alcatel Lucent.

The property purchase price in 2010 was $33 Million.

The most recent assessed value has not come close to the $188.5 Million that Mayor Broda presented at his State of the Village address in 2013.

The TIF Redevelopment Plan identified a $130 Million investment.
        $110 Million in private investment
          $20 Million in publicly funded investment from the TIF.

The 2014 Fair Market Value, per the County Assessor is $115 Million; $15 Million less than the reported total investment. (Ref: 2012 TIF Report filed with the IL Comptroller)


History of the declining taxable value:

The project area has only seen a $2 Million increase in EAV as a result of a $20 Million TIF Redevelopment Agreement. (EAV is 1/3 of the fair market value)

The TIF has failed to spur development in the surrounding area and surrounding property values have fallen significantly since the completion of the redevelopment - most notably the decline in assessed value of the nearby hotels and office buildings.
(click image to enlarge)

Ref: PIN 08-04-100-022

                                                           Ref: PIN 08-04-101-015 

Ref: PIN 08-04-101-012

DuPage County Property Lookup:  https://www.dupageco.org/PropertyInfo/PropertyLookUp.aspx