Buffalo Grove moves forward with Lake-Cook Road TIF district, plans public hearing June 22
The Buffalo Grove village board will hold a public hearing June 22 on a proposed tax increment financing district for the Lake-Cook Road corridor.
The proposed district would encompass a 472-acre area bordered by Arlington Heights, McHenry, Old Checker and Lake-Cook roads.
If ultimately approved, the TIF district would freeze property taxes generated in that area for local governments at their current amounts for 23 years. Any additional taxes generated by rising property values in that period would go into a special village account to pay for improvements within the district. Village officials see tax increment financing as a way to draw more development to the area, which is bookended by two struggling shopping centers.
The hearing, set for 7:30 p.m., will include the presentation of a feasibility study and a chance for the public to give its input. If the state's stay-at-home order is still in place June 22, the village will facilitate the meeting virtually.
A joint review board, consisting of the taxing bodies that would be affected, will meet virtually at 2 p.m. May 21 and make its recommendation. A final decision on the TIF district could be reached by July, Deputy Village Manager Christopher Stilling said.