Tax Increment Financing Districts
TIF #1: Designation: March 2002 Expiration: 2034 (Restructured in 2014 into TIF #1 and TIF #2)
Growth in Equalized Assessed Value
|Equalized Assessed Valuation (EAV)
|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