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The original item was published from 10/10/2022 11:33:17 AM to 10/17/2022 11:43:08 AM.

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Posted on: October 10, 2022

[ARCHIVED] Lake Zurich TIF Districts Going Strong


At the recent Village Board meeting on October 3rd, Village Manager Keller gave an overview of Lake Zurich TIF Districts with a brief look back at 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 the TIF district self-sustaining, removing pressure from the general fund and Lake Zurich taxpayers. 

Village Manager Keller also gave an update on the Rand Road TIF #3 that was established in 2018 and a look into the future with a future Industrial Park TIF District to plan for future infrastructure replacement needs in Lake Zurich's aging industrial district

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