New taxing district proposed for Mundelein's south side

The Mundelein village board meets Monday night to discuss creating a special taxing district on the town's south side.

The meeting is set for 7 p.m. at village hall, 300 Circle Drive. It also will be viewable online at mundeleinvillageil.iqm2.com/citizens/default.aspx.

Officials are considering creating a tax increment financing district to help fund public improvements on the south side, especially along Townline Road. The land being eyed for the district is bounded by the Canadian National Railroad on the north side, Route 83 on the west side, U.S. Route 45 on the south side and the eastern boundary of the Oak Creek Plaza shopping center on the east side. The village board will hold a public hearing on the plan Monday and decide whether to draft the necessary ordinances for the plan. Votes on those ordinances would come later.

The village already has two tax increment financing districts, both in the downtown area. This district, if created, would be called TIF No. 4 because one of the existing districts got a time extension and was renamed.

A TIF steers property taxes above a certain point in an area away from local governments and into development, usually for 23 years.