At the May 2, 2022, village board meeting, officials approved a conceptual master development plan for downtown Orland Park, targeting a 9.15-acre area known as the Main Street Triangle, situated between 143rd Street and LaGrange Road. This area is currently designated as a Tax Increment Financing (TIF) district, a tool designed to stimulate economic growth by allowing developers to undertake projects that might otherwise be financially unfeasible.

The TIF district aims to revitalize the area by freezing annual property tax increases at their current levels, with the increment above this frozen level being used to finance development. The current assessed value of properties within the proposed TIF district stands at $0, but projections indicate that this could rise to approximately $45 million by the time the TIF expires in 23 years. Importantly, the TIF does not divert funds from local schools or other taxing bodies, which will continue to receive their pre-TIF revenue.

To advance the development, the village plans to amend the existing TIF boundaries and designate a new TIF district for certain parcels. The evolving plans for downtown Orland Park include over 140,000 square feet of retail, restaurant, and entertainment space, with no new residential units planned. A central feature will be Heroes Park, designed for various outdoor activities and community events, complemented by a water feature and extensive landscaping.

The development is positioned as a transit-oriented project, benefiting from proximity to a metro commuter rail stop, which aims to enhance access to jobs and services. An independent parking study indicates that the project will provide over 1,450 parking spaces, exceeding peak demand requirements.

The total estimated cost for the downtown development is approximately $80.5 million, with about $33 million funded through the TIF increment. This includes $10 million earmarked for utility relocation and the construction of Heroes Park. Additionally, a special service area will be established to fund expanded services through a localized property tax levy, ensuring the long-term maintenance and success of the downtown area.