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Palatine to distribute $3.59 million spring increment from downtown TIF; village share earmarked for service facility fund
Summary
Council committee recommended declaring surplus revenue from the downtown TIF district; staff said the village will distribute 100% of the increment starting in 2025 and the spring distribution captures $3,588,000, with the village's portion roughly $391,000 to go to the combined service facility fund.
The Palatine Business, Finance and Budget Committee voted June 9 to recommend an ordinance declaring surplus revenue in the village’s downtown tax-increment financing (TIF) district and distributing the increment to local taxing bodies.
Mister Brown said the village and its taxing partners agreed to extend the downtown TIF in 2022;…
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