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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; starting with the third year of the extension (calendar year 2025), the village will distribute 100% of the increment to other taxing bodies in two distributions per year, capturing both the spring and fall property tax bills.
"This captures the spring in the amount of $3,588,000," Brown said, showing a chart of approximate allocations. He said the village’s share of the distribution is roughly $391,000, which the council previously committed to the combined service facility fund for improvements.
Brown also placed the action in long‑term context, noting that since 2010 the village has returned nearly $43 million in surplus to local taxing bodies and that when combined with other TIF areas, the total returned locally exceeds $10 million in the current cycle. A council member emphasized that the distributions reduce the amount local taxing bodies must collect from residents.
The committee approved the recommendation and the ordinance will appear on the council consent agenda for final action.
