- Home
- Government
- Departments
- Economic Development
- Tax Increment Financing (TIF) Districts
- Old Town Redevelopment TIF District
As of January 5, 2016, as a tax increment financing district, or TIF District. A TIF District is a public financing method that utilizes future gains in taxes to support redevelopment, infrastructure and other community improvement projects, the Village of Carpentersville has designated a 397 acre area of land within the Village, located as follows:
The designation of this commercial, industrial, institutional, and residential area is an effort to rehabilitate and redevelop the area 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 these properties 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.