Pursuant to the Industrial Jobs Recovery Law, the Village of Carpentersville designated an area along Commerce Parkway, at the intersection of Illinois Route 31, 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 designation of this light industrial TIF District was a successful effort to rehabilitate and redevelop the corridor through an integrated and comprehensive strategy that utilized 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.
Recently, the Village has approved Amendment Number 1 to the TIF District in order to do the following:
- Update key aspects of the Redevelopment Plan and Project to assure they are current with all pertinent statutory provisions;
- Revise the Redevelopment Plan and Project budget to allow for uses of funds consistent with all pertinent statutory provisions
- Increase the Redevelopment Plan and Project budget to allow for the funding of additional public improvement projects not contemplated by the original budget.