Deer Park weighing special taxing district on Rand Road to boost development
Deer Park officials may create a special taxing district to raise money for public improvements and to encourage development in its part of the Rand Road commercial corridor.
Officials are eyeing the stretch of Rand between Lake-Cook Road and Deer Park Boulevard for the proposed tax increment financing district, typically called a TIF district for short.
In such a district, tax revenue generated by a property's increasing value or new development is diverted to a fund that pays for land purchases, infrastructure improvements and other projects.
The area being considered for a TIF district in Deer Park encompasses 23 parcels and about 52 acres, officials said. It's all on the south side of Rand Road and excludes a small section of Kildeer on the south side of Rand.
The north side of Rand Road in that area is in Kildeer or unincorporated Lake County.
Gerber Collision & Glass, Behrens Landscaping, Berland's House of Tools and a Shell gas station are among the businesses within the proposed TIF district.
Development of the area has been difficult. The parcels generally are long and narrow, the parcels are controlled by multiple owners, and much of the area doesn't have public water or sewer service, village officials said in a news release.
If successful, the property tax base of the land in the zone could grow from about $5 million to more than $53 million, officials said.
New businesses resulting from commercial development also would create additional sales tax revenue for the town.
Trustee David Lemme said he initially was skeptical of the proposal but came around after learning more.
"I think it will have a very positive impact on the community," Lemme said.
To qualify for TIF status, properties must legally qualify as blighted. They could be physically deteriorating or have inadequate utilities, excessive vacancies or other problems.
TIF districts legally can last 23 years. Extensions are possible.
The village board is expected to vote to create the district at its Nov. 18 meeting.