The Village of Carpentersville has designated an area of the Route 25 commercial corridor from Lake Marian road to Northlake Parkway as a tax increment financing district or TIF District. TIF is a public financing method that utilizes future gains in taxes to support redevelopment, infrastructure and other community improvement projects.
Designation
The designation of the Route 25 TIF was, and continues to be, an effort to rehabilitate and redevelop the corridor 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 properties prior to the formal TIF designation found the area to be experiencing declining equalized assessed property values, excessive vacancies and other statutory factors qualifying for TIF designation.
Result
The most significant result of the creation of the Route 25 TIF District has been the construction of an 186,000 square foot Walmart Super on 23 acres of vacant land, fronting on Lake Marian Road, just west of Route 25. This development will bring significant economic benefits to the Village, and would not have been feasible without the creation of a TIF District.