TIF Districts

Latest Update
May, 2023
  • On May 15, 2023 the Village Board passed an ordinance scheduling the Public Hearing for the Dundee Road TIF for July 17, 2023. See the Board Agenda here. 
  • On May 4, 2023 the BG Dundee TIF District Eligibility Study was filed with the Village Clerk. See the study below. 
  • BG currently has a Lake Cook TIF District that was created in July 2020.

Potential Dundee Road TIF District

Dundee Road TIF District Eligibility Study (May 2023)
Key Points
  • To help spur private development, the Village is exploring a Tax Increment Financing (TIF) District along the Dundee Road.
  • A TIF is a commonly used economic development tool, which helps municipalities make needed improvements (roads and sewers) or helps attract private development.TIF Chart
  • TIF generates a pool of money used for reinvestment within the 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.
  • Read more with this Resource Guide to TIF. 
What Properties are Being Considered?
  • The TIF study area is generally located around the intersection of Dundee Road and Arlington Heights Road and includes the Plaza Verde Shopping Centers, Strathmore Shopping Center, Buffalo Grove High School and the former car dealerships.  Dundee Boundary Map






Timeline

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Lake Cook Road TIF District (Est 2020)

What Properties are in the Lake Cook TIF?
TIF District Eligibility Study (March 2020)
Annual TIF Reports

General TIF FAQs

What is a Tax Increment Financing (TIF)?
How does TIF Work?
When Is it Appropriate to Consider a TIF?
How Does a TIF Impact Property Taxes?
What other municipalies in Illinois use TIF?