As of January 5, 2016, The Village of Carpentersville designated a portion of the Spring Hill Mall located in the Village as tax increment financing district, or TIF District. A TIF District is a public financing method that utilizes future gains in property taxes to support redevelopment, infrastructure and other community improvement projects.
In conjunction with the redevelopment efforts of the Developer and the Village of West Dundee, the designation of the Spring Hill Mall Redevelopment TIF District will serve to rehabilitate and redevelop the Mall through an integrated and comprehensive strategy that utilizes public resources to stimulate additional private investment in an area that would not otherwise be commercially productive. An analysis of the Mall property prior to the establishment of the intent to formalize a TIF designation found the area to be experiencing declining equalized assessed property values, excessive vacancies and other statutory factors qualifying for TIF designation.
TIF Background Information
Map of TIF District #4
Eligibility Report and Redevelopment Plan from SB Friedman, Development Advisors
Three (3) TIF Approval Ordinances:
TIF Districts - FAQ
If you should have any questions pertaining to the Spring Hill Mall TIF district, or would like to locate your business there, please contact Patrick Burke, Economic Development Director via e-mail at firstname.lastname@example.org or Marc Huber, Community Development Director via e-mail at email@example.com.