• Pay As You Go

  • The purpose of the Pay As You Go Program is to assist property owners in the completion of development or rehabilitation projects in Berwyn, and to increase the economic viability of the community. Eligible property must be commercial or mixed-use, and be located within the Pay As You Go Program boundaries. The boundary includes the Roosevelt, Depot, and Harlem TIF Districts. If you are unsure whether your property is within the boundary, please consult our maps page, located here: https://www.berwyn.net/maps.

     

    The maximum program eligibility will be for 25% of approved development or rehabilitation costs. This amount is based on TIF increment generated and will be rebated as it is earned. Program rebate is subject to board approval, and contingent upon available TIF funds.

    Example:

    Initial Property EAV: $100,000

    Development Investment: $400,000

    Eligible Rebate Amount: 25%, or $100,000

    New Property EAV (After Investment): $125,000

    In this example, the developer would be rebated $25,000 per year for 4 years, or until they have been rebated the total of $100,000, equal to 25% of their Development Investment.

     

    For additional information, please contact Brett Michaelson at 708-788-8100 or brettm@berwyn.net.