Proposed Lake Cook Road TIF District

Key Points
  • 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

Summary: This report describes how the study area meets the required eligibility factors and outlines a comprehensive program to revitalize the area. It is important to note that this Report does not authorize or create the TIF itself.  The Village Board has not taken any action on this Report.  
​See the report below. 

Frequently Asked Questions

Latest Update
March 20, 2020

On March 5th, the 2020 Buffalo Grove Lake Cook Road TIF District Redevelopment Project Area Tax Increment Financing District Eligibility Study and Redevelopment Plan and Project  (click here for the Report) was filed with the Buffalo Grove Village Clerk.  The Report do not authorize or create the TIF itself. 

On March 16, 2020 the Village of Buffalo Grove decided to postpone any action regarding the proposed 2020 Buffalo Grove Lake Cook Road TIF District due to Covid-19 Pandemic. Click here to learn more about Village’s response to the Covid-19 Pandemic, including the Village President’s Executive Order proclaiming a Local State of Emergency Executive Order.