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 four 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).
(format: Street #|Direction|Street Name|Street Type)
(example: 200 E. WOOD ST.) "Please use punctuation"