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updated: 8/29/2014 2:59 PM

Des Plaines tax increment financing plans move forward

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Daily Herald report

Plans to restructure an existing tax increment financing district in Des Plaines are moving ahead.

A joint review board comprised of representatives of local taxing bodies last week gave their approval to Des Plaines officials' plans to carve out a portion of TIF 6 at Higgins and Mannheim roads and make a new seventh TIF district. They say creating the new TIF will help spur redevelopment of mostly-vacant land.

This month, the city council and school boards of Maine Township High School District 207 and Des Plaines Elementary District 62 approved an intergovernmental agreement to share surplus revenues generated by the TIF. In exchange, the city agrees it won't extend the life of TIF 7 beyond 23 years.

The city council is expected to consider ordinances approving the restructuring plan Oct. 6.

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