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The board reviewed the Main Street TIF’s financial report and heard that the Village wrote off $47.2 million in interfund debt because the district was not generating enough revenue to repay it.
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Officials said the Main Street TIF did not bring in enough tax growth to cover its spending, so the Village wrote off $47.2 million in debt that had built up over time. They also said the Village expects to spend about $4 million on parking for Metra commuters and $2.5 million to relocate utilities. The board was told the Downtown Orland Park TIF was created next to the reduced Main Street TIF, and the Village approved a redevelopment agreement with Edwards Realty for that new district.
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