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:
- Along the Route 31/Western Avenue corridor in the Old Town Area
- In the area bounded by Cleveland Avenue on the north, the rear lot line of the residences along Edwards Avenue on the south, Carpenter Boulevard on the west and Wilmette Avenue/Van Buren Street and the Village’s corporate limits (District 300) on the east
- In the area bounded by Lord Avenue on the west, Maple Avenue on the north, Cleveland Avenue on the south; and Wilmette Avenue and the Village’s corporate limits on the east
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.