TIF Update: March 4, 2014
The Village of Wauconda’s Tax Increment Financing District (TIF) is now in place and ready for developers to bring appropriate development projects forward. In preparation, the Village is in the process of creating policies to help determine how future TIF funds may be utilized within the district. With this said, Director Chris Miller has been analyzing the TIF policies of other communities to help create solid guidelines that align with the philosophy of the Village.
Next week, Trustee Burke and staff will meet again to review Director Miller’s policy proposals. Although we believe that funds will not be available until the TIF has been in place for a few years, the Board thinks it’s best to prepare now for the future. For further information about the TIF District, please contact Director Chris Miller at 847-526-9605 or cmiller@wauconda-il,gov.
February 10, 2014
The Village of Wauconda has approved its first Tax Increment Financing District (TIF). The District is to be known a “Redevelopment Project Area 1: Triangle Area,” which includes approximately 220 acres of land located south of Route 176 and on either side of Route 12. The TIF District is an area of the Village planned for retail and mixed use development (See multi-colored land use map below). The District has been identified as an area in need of assistance to help attract development and redevelopment to the area, ultimately benefitting of all taxing districts and the community as a whole. (Click here to view entire map.)
- Approved Development Plan
- Approved Eligibility Study
- Approved Housing Impact Study
- Ordinance 2013-O-30
- Ordinance 2013-O-31
- Ordinance 2013-O-32
What is a TIF?
Tax Increment Financing (TIF) is a statutory Economic Development Program that municipalities can enact to facilitate the continued development or redevelopment of a specific geographic area. The program works by capturing increases in property tax revenues (called the increment) over existing levels caused by new development. TIF revenues can be spent only on certain public realm investments. A TIF District does NOT add any new tax rates or levies. Existing baseline tax revenues continue to go to the taxing districts. Click here for an Historic Overview of TIF related events.