New TIF district on Mundelein's south side
Mundelein officials have created a special taxing district to raise funds for improvements on the village's south side, especially along Townline Road.
The tax increment financing district includes properties between Route 83 on the west and the eastern edge of the mostly vacant Oak Creek Plaza shopping center. The district's northern border is the Canadian National Railroad, and its southern border is Route 45.
The board approved the district's creation last week.
In a TIF 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 within the district's boundaries.
Redeveloping the 42-acre Oak Creek Plaza on Townline Road long has been a goal for village officials.
Districts legally can last 23 years, but extensions are possible. The village has two other TIF districts, both downtown.