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Business Incentives
Tax Increment Financing Districts
TIF #1: Designation: March 2002 Expiration: 2034 (Restructured in 2014 into TIF #1 and TIF #2)
The approximately 70-acre area of the Lake Zurich TIF District is intended to facilitate the preparation of vacant and underutilized sites. The sites will be used for new retail, commercial, and residential development, and off-street parking. The TIF is located within the downtown redevelopment area of the Village. The TIF District is also designed to re-establish the downtown as a vibrant, mixed-use area. It will strengthen the economic well-being and quality of life in the downtown by providing resources for redevelopment. Additionally, it provides resources for additional parking, streetscaping and landscaping to create a distinct area and to link its diverse land uses. The TIF also facilitates the improvement and expansion of existing public facilities, such as parks and parking.
Growth in Equalized Assessed Value
| Equalized Assessed Valuation (EAV) |
Amount |
|---|---|
| Base EAV (2002) | $12.6 million |
2021 TIF Update
Village Manager Keller presents overview of the downtown TIF district during virtual board meeting of 2/1/21 outlining past administration's reasoning for establishing the district with concept plans that date back to 1998. With redevelopment stalled during the great recession in 2008, the Village restructured the original TIF in 2014 to ensure that debt payments aligned with the tax increment received. The restructuring lowered interest and reduced annual payments to make make the TIF district self-sustaining, removing pressure from the general fund and Lake Zurich tax payers.
Slide deck presented during the update