Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Economic development director briefs board on TIF basics; trustees back further study tied to comprehensive plan
Summary
Director Janie Patch presented tax increment financing (TIF) basics from a recent IML seminar, advising alignment with the comprehensive plan and use of third-party consultants; trustees expressed interest in exploring TIF after organizational and comprehensive planning work.
The Village of Homer Glen’s economic development director, Janie Patch, briefed trustees on Tax Increment Financing (TIF) basics during the Sept. 25 meeting and recommended policy alignment with the village’s comprehensive plan before pursuing any TIF district.
Patch said TIF is governed by the State Tax Increment Allocation Redevelopment Act and explained the mechanism used by municipalities: at the creation of a TIF district, the current equalized assessed value (EAV) is set as the base; as new development raises EAV, the incremental property-tax…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
