On October 24, 2017 at 7:00 p.m., Elk Grove Village will hold a Public Hearing at the Charles J. Zettek Municipal Complex, 901 Wellington Avenue, to consider approval of a proposed redevelopment plan for the Higgins Road Corridor Project Area.
Information on the Draft Redevelopment Plan and Project, along with a map of the proposed Project Area are available for download through the links below:
FREQUENTLY ASKED QUESTIONS ABOUT TAX INCREMENT FINANCING
1. What is tax increment financing (“TIF”)?
TIF Allows Elk Grove Village to freeze the Assessed Value of the property within the TIF District and to use any potential new money the project generates to pay for certain costs. Only those costs stated in the TIF law can be paid with TIF funds.
2. Can all property be in a TIF district?
No. To use TIF, the area must meet very detailed criteria set out in the TIF law and must qualify as a blighted or conservation area.
3. Why is the Village of Elk Grove considering this TIF District?
The Busse Farm property will not develop unless the Village puts in utilities, storm sewers and detention basins. Additionally, the property will require extensive grading. The rest of the TIF district is full of older buildings in need of repair.
4. Will these TIF districts hurt the school districts?
No. Right now the tax base in these two areas has been declining. This TIF District has not attracted new commercial development and without commercial development the schools and all of the other taxing districts will have to increase the rate they use to tax the residents to provide services.
The assessed value of the proposed TIF District has been declining so the schools collect less and less money each year. The TIF will freeze the assessed value to the schools can continue to collect the same taxes they have always collected, even if the assessed value continues to decline.
5. Is there some other way to attract development without TIF?
Illinois municipalities have very few tools to attract and keep development. Eventually, all of the tax districts will benefit from the increased assessment of this project.