Business

West Dundee eyes new TIF district for Spring Hill Mall

Posted January 06, 2023 12:00 am

Alicia Fabbre

West Dundee trustees Monday will hold a public hearing as they work to create a new tax increment financing district for Spring Hill Mall.

A TIF district freezes property taxes paid to local units of government for 23 years. Typically, as redevelopment occurs, land values in the TIF district increase, bringing additional property taxes. Any taxes collected above the base level from within the TIF district go into a special fund and can be used to pay redevelopment costs.

Trustees hope to create a new TIF district that would take in most of the mall and some surrounding areas. The village anticipates having a $72.5 million budget for the new TIF district. The proposed budget includes $4.5 million for land acquisition costs.

The public hearing will be held during Monday's village board meeting, which starts at 7:30 p.m.

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