Elk Grove Village to retire Midway Court TIF District after it has spurred economic growth and private investment

Elk Grove Village officials today announced that it intends to retire a Tax Increment Financing district created just one year ago that has been instrumental in facilitating a planned $1 billion data center campus on the north side of the village's Business Park - an unprecedented measure for a local community.

The village created the Midway Court TIF district, which encompasses a nearly five-acre tract of land located north of Midway Court, south of Interstate I-90 generally between Busse and Higgins Roads, in order to facilitate high-tech investment in the area.

"Quite simply, the TIF helped us achieve our goal of creating economic development opportunities that will benefit our community. It served its purpose and now it's time to retire it so the property can be returned to the general tax rolls for the benefit of all government agencies," said Elk Grove Village Mayor Craig Johnson. "In Elk Grove, we use TIF responsibly and judiciously as a means to spark significant economic development for the long-term benefit of all taxing bodies."

The goal of TIF districts is to create economic growth and public-private investment that would not have happened otherwise. It seeks to transform underutilized properties that make them ripe for investment and redevelopment. It also encourages development to increase the value of neighboring properties.

The Midway Court TIF district was critical to removing a concrete crushing/recycling facility whose operations were detrimental to both the existing electrical substation supporting growth throughout the community, as well as the anticipated construction of a new substation necessary to support and maximize economic development within the Northwest suburbs. The village facilitated the acquisition of the land within the district to enable several planned data center campuses which will bring several billion dollars of private investment to Elk Grove Village.