Under TIF, the current equalized assessed valuation (EAV) of taxable real estate within the designated TIF district is “frozen” at the level the date the TIF District is adopted. This is referred to as the base EAV. For a period of up to 23 years, properties taxes within the TIF district are levied on the base EAV. Growth in property tax revenues that will occur in the TIF District, above the “base”, is put into a separate “tax allocation fund” maintained by the Village to pay for needed public investments and redevelopment costs within the TIF District.Frequently Asked Questions
In late 2018, following the September 25 preliminary review with the Board of Trustees, Northbrook Court approached the Village with a request to create a TIF District. On December 11, Village President Frum presented the proposed TIF District to the Board of Trustees.
A draft version of the Northbrook Court TIF Redevelopment Plan and Qualifications Report can be found here. Copies of the report are available in the Village Clerk's Office and the Development and Planning Services Department at Village Hall.
For information on the Northbrook Court Zoning Application, click here.
Village Ordinances and Resolutions:
The Skokie/Dundee TIF was initially established in 2006 and amended in 2014. The Village of Northbrook adopted Ordinance No. 2014-019 approving the current TIF plan for the northwest corner of Skokie Boulevard and Dundee Road. This TIF District includes the intersection of Skokie Boulevard and Dundee Road, as well as the commercial development anchored by the Mariano's grocery store.