Wauconda officials are moving forward with plans to create a special taxing district they hope will help lure new retail businesses to town.
The village board on Tuesday will schedule a public hearing to discuss the proposal for what's been dubbed the Triangle tax increment financing district. It likely will be in November, Planning and Zoning Director Chris Miller said.
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The proposed district earned its name because its borders create a wedge bounded by Route 176 on the north and Barrington Road on the east. It also would stretch west past Route 12. The wedge covers about 225 acres, Miller said.
Typically called TIF districts for short, the zones are used by officials to raise money for certain public improvement projects.
Tax revenue generated by a property's increasing value or new development is diverted to a special fund that pays for land purchases, construction efforts and other projects. By law, they have a lifetime of up to 23 years but can be extended.
The district would be Wauconda's first.
The site was chosen because it's a key element in Wauconda's redevelopment plans, according to village documents. It also lacks efficient road access, has aging infrastructure and older developments, among other factors.
The goal is to help attract businesses and raise the money needed to implement a comprehensive improvement plan for the area, Miller said.
"Training and marketing specific to the TIF area are also eligible projects," Miller said.
Occasionally, officials with school districts or other government agencies that are included in a TIF district object to the plan because it affects their tax revenue. After informal discussions with the taxing bodies in the area, Miller believes the village has their support.
A public meeting with representatives from those agencies will be held in September, he said.
If plans progress, village officials hope to have the TIF district established in January.
Tuesday's meeting is scheduled for 7 p.m. at village hall, 101 N. Main St.