TIF Districts

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Tax Increment Financing (TIF) Districts

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The Village has designated four TIF Districts in commercial areas of the Village to 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. 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 49 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.

Lakewood Center Redevelopment TIF

Somerset TIF

The Lakewood Center TIF generally includes the existing campus which will contain office/retail/retail uses, and a vacant site envisioned for a future hotel. Land on the campus planned for residential development is not within the TIF. Click on the image to the right for a PDF showing the boundaries of the district. 

Established: 2019

Expiration: 2043 

Approximate budget for TIF-eligible projects:

Click here to download a PDF of the Lakewood Center Redevelopment Plan and Project

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

Click here to download a PDF of the Barrington & Higgins Road Redevelopment Plan and Project.

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: 2035

Approximate budget for TIF-eligible projects: $13.5 million

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

 

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