Manager Keller Provides TIF Update 2022

Keller presents overview of the TIF 1 & 2 districts during village board meeting of 10/3/22 with a brief look back of 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.

Keller also gave an update on the Rand Road TIF 3 that was established in 2018 and a look into the future with the Industrial Park TIF 4.

Slide deck presented during the update.

Watch the presentation through our on-demand video service.

TIF Update 2022