Burr Ridge's Thriving Business District: A Catalyst for Economic Growth

Burr Ridge, a picturesque village in Illinois, has been making strides in its economic development efforts, thanks to a strategic business district tax that has been generating significant revenue for the community. This innovative approach has not only benefited the local businesses but has also had a positive impact on the overall well-being of the village, including its schools and parks.

Unlocking the Potential of Burr Ridge's Business Landscape

Establishing a Dedicated Business District

Three years ago, the Burr Ridge Village Board took a bold step in creating a dedicated business district, encompassing the Village Center, County Line Square, and the Marriott hotel. This strategic move was aimed at channeling resources directly into the heart of the village's commercial activity, ensuring that the investments made would have a tangible impact on the local economy.The decision to establish this business district was not taken lightly. Village officials worked closely with the local merchants, who were instrumental in shaping the initiative and lending their support. The merchants recognized the potential benefits of this approach, as it would not only improve the physical infrastructure of the district but also enhance the overall appeal of the area, attracting more customers and driving economic growth.

Implementing a Strategic Sales Tax

As part of this initiative, the Village Board imposed an additional 1 percent sales tax within the designated business district. This tax, which applies to stores, restaurants, and the Marriott hotel, was designed to generate funds that would be directly reinvested into the district's development.The revenue generated from this tax was intended to finance a wide range of improvements, including the construction and renovation of buildings, the enhancement of roads and utilities, and the demolition of outdated structures. By investing in the physical infrastructure of the district, the village aimed to create a more attractive and inviting environment for both businesses and customers.

Ensuring Transparent and Accountable Allocation of Funds

The Village Board has taken a proactive approach in managing the funds generated by the business district tax. At a recent Village Board meeting, trustees were informed that the tax is expected to generate 0,000 in the current budget year, bringing the total revenue to approximately million over the past three years.To ensure the transparent and accountable allocation of these funds, the Village Board is currently considering a policy that would give them the final say on how the money is spent. This move is intended to prevent any potential misuse or misallocation of the funds, as the Village Board wants to maintain a tight grip on the decision-making process.Mayor Gary Grasso emphasized the importance of this policy, stating that he does not want any developer to act on the recommendations of the Economic Development Committee (EDC) without the Village Board's approval. This approach underscores the village's commitment to responsible and strategic investment in the business district, ensuring that the funds are used in a manner that truly benefits the community.

Minimizing Expenditures and Maximizing Impact

Despite the significant revenue generated by the business district tax, the village has been cautious in its expenditures over the past three years. According to Village Administrator Evan Walter, the only expenditures made from the tax account have been a reimbursement to the General Fund for the costs of creating the district, as permitted by state law, and a few hundred dollars per year in miscellaneous bank fees.This prudent approach to spending reflects the village's commitment to ensuring that the funds are used in the most impactful and strategic manner possible. By carefully considering and approving each expenditure, the Village Board is ensuring that the investments made in the business district will have a lasting and meaningful impact on the local economy.

Benefiting the Entire Community

The establishment of the business district tax has not only benefited the local businesses but has also had a positive impact on the broader Burr Ridge community. Officials have argued that the improvements made within the district will lead to an increase in the property tax base, which in turn will benefit the local schools and parks.Furthermore, the village has recognized that a significant portion of the customers in the shopping centers and hotels within the business district come from outside of Burr Ridge. This means that a substantial portion of the tax burden is being borne by out-of-town visitors, rather than solely by the local residents.This strategic approach to economic development has positioned Burr Ridge as a thriving and attractive destination, drawing in visitors from surrounding areas and contributing to the overall well-being of the community. As the village continues to invest in the business district, the residents of Burr Ridge can look forward to a future of sustained economic growth and improved quality of life.