TIF Districts

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TIF Districts

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Tax Increment Financing (TIF) Districts

The Village has designated three TIF Districts in commercial areas of the Village to help spur economic development and infrastructure improvements. A tax increment is the difference between the amount of property tax revenue generated before the TIF district designation and the amount of property tax revenue generated after TIF designation. The tax rates in the district do not change during the term of the TIF. The Village uses a TIF district to borrow against the future value of the properties to pay for projects to spur economic development and infrastructure improvements to result in an increased tax base. Only property taxes generated by the incremental increase in the value of TIF district properties are available for TIF projects. TIF districts do not increase taxes, but they direct tax revenue back into the designated area.

TIF Districts are an effective and popular redevelopment tool, used in 47 states and in over 250 Illinois communities. Designating a TIF District is one of the more effective methods in which a local government can create economic activity in a specific geographic area. TIF districts do not divert money from the local school districts or other taxing bodies such as the parks and libraries. The school district continues to receive tax revenue during the term of the TIF at the rate before the designation of the TIF. The state tax revenue for schools is also typically greater when a school district overlaps a successful TIF district.

 

Barrington Road & Higgins Road TIFBarrington Higgins TIF

The Barrington Road & Higgins Road TIF generally includes restaurant lots, the Stonegate Conference and Banquet Center, and a vacant site envisioned for a future hotel. Click on the image to the right for a PDF showing the boundaries of the district.

Established: 1986

Expiration: 2021

Approximate budget for TIF-eligible projects: $3.5 million

 

Roselle Road Corridor TIFRoselle TIF

The Roselle Road Corridor TIF District generally includes the Golf Center and Hoffman Plaza shopping centers and the adjacent out-lots. Click on the image to the right for a PDF showing the boundaries of the district.

Established: 2003

Expiration: 2026

Approximate budget for TIF-eligible projects: $28 million

Click here to download a PDF of the Golf, Higgins, and Roselle Road Redevelopment Plan and Project.

 

Higgins Road & Hassell Road TIFHiggins Hassell TIF

The Higgins Road and Hassell Road TIF District generally includes the Barrington Square Town Center shopping center and out-lots. Click on the image to the right for a PDF showing the boundaries of the district.

Established: 2012

Expiration: 2025

Approximate budget for TIF-eligible projects: $13.5 million

 

 

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