Illinois Tax Increment Finance (TIF) legislation provides a valuable tool to municipalities to support, assist, and encourage economic development, redevelopment, and improvement projects to a designated area of the community.
An Overview of TIF
TIF allows municipalities to carry out redevelopment activities on a local basis. The technique is used to pay for the public improvements and other eligible redevelopment costs needed to prepare the TIF District for private investment. Through TIF, a community captures the increase in equalized assessed value resulting from increased property values from TIF district redevelopment projects. This increase in revenue may be used to pay for the public and other eligible costs (as defined by the TIF Act) included in the project. TIF is not a tax increase or special assessment.
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.
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.
Joint Review Board Meeting - February 4, 2019 at 10:30 am - Village Hall Board Room - Agenda
Joint Review Board Meeting - February 21, 2019 at 7:30 am - Village Hall Terrace Room - Agenda
Public Hearing - April 9, 2019 at 7:30 pm - Village Hall Board Room
Ord. No. 19-02: Convening the JRB and Setting the Time and Place for a Public Hearing
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.