Lake Cook Road TIF District

Key Points
  •  
    To help spur private development in the Lake Cook Corridor and help implement the Lake Cook Corridor Market Study and Plan , the Village established a Tax Increment Financing (TIF) District on July 20, 2020.
  • A TIF is a commonly used economic development tool, which helps municipalities make needed improvements (roads and sewers) or helps attract private development.
  • TIF generates a pool of money used for reinvestment within theTIF Chart TIF area. When a TIF district is created, the property values of the parcels within the district are set at a base equalized assessed value (EAV). Taxing bodies (Village, county, township, school districts, etc) continue to collect property taxes based upon the  base EAV. Any increase in the EAV generates the TIF increment, which is then available for projects within the TIF district. 
  • TIF is not a new tax.   Property owners within the district continue to pay their normal property taxes. At the end of the TIF district's 23-year life, all real estate tax revenues are again shared proportionately by the taxing bodies based on their individual tax rates.

Studies and Reports

TIF District Eligibility Study and  Redevelopment Plan and Project Report (March 2020)

This report describes how the study area meets the required eligibility factors and outlines a comprehensive program to revitalize the area. 
See the report below. 


Frequently Asked Questions
Latest Update
August 3, 2020

TIF Approved.  The Village Board voted on the Lake Cook Road TIF at the July 20th Board Meeting. The meeting's agenda and materials can be found here.

Timeline
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