Proposed Lake Cook Road TIF District

Key Points
  • A TIF is a commonly used economic development tool, which helps municipalities make needed improvements (roads and sewers) or helps attract private development.
  • TIF generates a pool of money used for reinvestment within theTIF Chart TIF area. When a TIF district is created, the property values of the parcels within the district are set at a base equalized assessed value (EAV). Taxing bodies (Village, county, township, school districts, etc) continue to collect property taxes based upon the  base EAV. Any increase in the EAV generates the TIF increment, which is then available for projects within the TIF district. 
  • TIF is not a new tax.   Property owners within the district continue to pay their normal property taxes. At the end of the TIF district's 23-year life, all real estate tax revenues are again shared proportionately by the taxing bodies based on their individual tax rates.

Studies and Reports

TIF District Eligibility Study and  Redevelopment Plan and Project Report

Summary: This report describes how the study area meets the required eligibility factors and outlines a comprehensive program to revitalize the area. It is important to note that this Report does not authorize or create the TIF itself.  The Village Board has not taken any action on this Report.  
​See the report below. 


Frequently Asked Questions
Latest Update
May 22, 2020

Joint Review Board (JRB) Meeting Outcome.  On May 21st, the JRB unanimously passed a resolution, which  recommends the establishment of the Lake Cook Road TIF District to the Village Board. To review the meeting's agenda, packet, and recorded ,  video of the meeting click here.

Did you receive a letter in the mail? As required by law, the Village has sent letters to all residences within 750 feet (but still outside) of the Proposed TIF District boundary, which details that the TIF Report is currently on file at Buffalo Grove Village Hall. The TIF Report is  also available on this webpage. 

A copy of the letter sent these residents, which also has information regarding the scheduled Public Hearing and FAQs can be found here.  

Public Hearing.  The Village Board established a Public Hearing date of June 22, 2020 for the proposed 2020 Buffalo Grove Lake Cook Road TIF District. Additional information can be found in the agenda packet here.

Timeline
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