This area is called the Main Street/University Avenue TIF District. The plan and project area is discussed within the TIF Redevelopment Plan and Project. The TIF Redevelopment Plan and Project is the proposed Main Street/University Avenue Development Project Area (TIF District). The TIF District is a contiguous area generally described as parcels along Brown Boulevard, Main Street and Marsile Street. It is approximately 159 acres in size excluding rights-of-way. It includes approximately 227 tax parcels, which are shown in the boundary map. It consists of approximately 182 structures - primarily commercial, industrial and retail uses along with some residential units. At least 74 percent of the structures are 35 years of age or older.

The Village of Bourbonnais’ objectives and goals to encourage the TIF District are as follows:

1. By implementing the TIF Redevelopment Plan and Project provides for the retention and expansion of existing businesses, and the attraction of users to redevelop existing retail, mixed use, and commercial structures, as well as vacant parcels;
2. By constructing public improvements (if necessary) street and sidewalk improvements (including new street construction and widening of current streets); utility improvements (including but not limited to water, storm water, management, flood control and sanitary sewer projects consisting of construction and rehabilitation); signalization, traffic control, and lightening; off-street parking (if applicable); landscaping, public signage, and beautification; and public facilities;
3. By entering into redevelopment agreements with developers for qualified redevelopment projects as defined in the TIF Qualification Report Main Street/University Avenue TIF District;
4. By providing for land assembly, site preparation, environmental remediation (if necessary), clearance, and demolition, including grading and excavation;
5. By the redevelopment of certain buildings through necessary rehabilitation and improvement of structures;
6. By exploring and reviewing job training programs in coordination with any Village, Federal, State, and County programs; and
7. By entering into agreement with other public bodies for the development or construction of public facilities and infrastructure.

Three Village of Bourbonnais ordinances passed and adopted regarding the TIF District are as follows:

1. Ordinance No. 15-1992 – An Ordinance Approving a Tax Increment Redevelopment Plan and Redevelopment Project for the Main Street/University Avenue Redevelopment Project Area;
2. Ordinance No. 15-1993 – An Ordinance Designating the Main Street/University Avenue Redevelopment Project Area of Said Village A Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment; and
3. Ordinance No. 15-1994 – An Ordinance Adopting Tax Increment Allocation Financing for the Main Street/University Avenue Redevelopment Project Area.