Palatine's TIF Districts
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> Palatine's TIF Districts
The Village of Palatine contains a total of four Tax Increment Financing (TIF) Districts which were created to promote reinvestment and redevelopment within the Village. The existing districts, outlined below, are located within downtown Palatine and the Rand & Dundee corridors.
Downtown Area TIF District
This TIF District (see map
) was established in December 1999. In the nearly 10 years since the TIF District was established, downtown Palatine has experienced a tremendous amount and variety of redevelopment. This redevelopment has resulted in the addition of approximately 975 residential units, 93,000 square feet of commercial/restaurant space, and 120,000 square feet of professional office space.
Rand & Dundee Corridors
A total of three TIF Districts (see map
) exist within the Rand & Dundee corridors in Palatine. These TIF Districts were established to ensure these critical commercial corridors continue to generate significant sales tax revenues for the Village, thus reducing the Village’s dependency on property taxes. A variety of projects within these districts have resulted in the development of major commercial uses (such as Wal-Mart, Target, Arlington Toyota, and City Limits Harley-Davidson) as well as a variety of smaller retail/restaurant uses (such as Culvers, White Castle, Panda Express, and Tore & Luke's).
Proposed Rand/Lake Cook TIF District
On October 17, 2011, the Village Council authorized S.B. Friedman & Company to complete a TIF Eligibility Study, Redevelopment Plan, and Designation Services related to the proposed Rand/Lake Cook TIF District.
The eligibility study found that the area would qualify for the TIF designation as a “blighted area.” The qualifying factors that were found throughout the proposed TIF district include lack of growth in Equalized Assessed Value (EAV), deterioration, inadequate utilities, deleterious land use and layout, and lack of community planning. Due to the number of existing housing units identified in conjunction with the eligibility study, S.B. Friedman also completed a housing impact study as required by the TIF Act.
The Joint Review Board, consisting of representatives from the local taxing districts, met on June 14, 2012 to review the proposed Rand/Lake Cook TIF District. The Joint Review Board unanimously recommended approval of the Village’s proposed Rand/Lake Cook TIF District.
Click here to view the Powerpoint Presentation from the July 9, 2012 Public Hearing
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