Round Lake approves new TIF district for downtown redevelopment

Round Lake has established its first tax-subsidized district in the downtown area in the hope of attracting developers in conjunction with the straightening of Cedar Lake Road.

Mayor Dan MacGillis said establishing a tax increment financing district had been one of his priorities since being elected eight years ago.

"This should make things more desirable for developers to come in and start investing in the community," MacGillis said.

A TIF district works by freezing the amount of property taxes local governments receive at the level of the district's first year. As taxes gradually rise with development, the increases go to a municipally held fund to pay for public improvements within the district.

The Round Lake TIF district encompasses 528 acres, starting from the industrial park area Hart Road and Sunset Road and reaching into Round Lake's downtown.

The TIF district will last for 23 years, and redevelopment, which includes public works, site marketing, analysis and planning, and job training, could cost up to $38 million.

"The village is very excited to implement the TIF district," Director of Economic and Community Development Katie Parkhurst said. "We would like to expand and enhance the downtown area."

The TIF district implementation comes after progress on the $16.86 million Cedar Lake Realignment project.

The project, under consideration since the 1960s, is designed to eliminate a dogleg through downtown by building a new connection for Cedar Lake Road between Nippersink Road and Hart Road.

One property in the TIF district is a house owned by MacGillis. He has said he will sell the home to a private buyer to avoid any conflicts of interest.