Politics & Government

LZ Looks to Extend Downtown TIF District's Term

Idea is part of the village's Moving Lake Zurich Forward action plan unveiled Monday.

Lake Zurich needs to get back on track with financing the downtown Tax Increment Financing District. One way to do that is extend the overall life of the TIF district.

The village developed the district in 2002 for a term of 20 years. The first 10 years have not been as productive as it hoped, and has actually cost the village since the area has not been redeveloped or generated new tax revenues, officials said.

An extension would help strengthen the district, Village Manager Jason Slowinski said.

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Lake Zurich would need to get approval by other taxing bodies and lawmakers in Springfield to extend the term, he said.   Illinois Governor Pat Quinn would also have to sign off on it, he said.

Slowinski and staff members have met with an attorney who specialized in TIF districts and with a lobbyist to assist with the state approval.

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It is going to be a process that will take time, he said.

Meanwhile, the village’s finance department is continuing to assess the TIF budget and find ways to reduce costs, he said.


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