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Indian Head Park board authorizes Triangle Area TIF district with $37 million statutory cap
Summary
Trustees approved three ordinances to establish the Triangle Area TIF District, designate the project area and adopt tax increment financing; staff said the TIF would run 23 years and the statutory redevelopment cap is $37,000,000.
The Village of Indian Head Park on Jan. 8 adopted three ordinances creating the Triangle Area Tax Increment Financing (TIF) District and authorizing use of future property-tax increments for redevelopment.
Trustees voted to approve (1) the redevelopment plan and project for the Triangle Area TIF District, (2) designation of the TIF project area, and (3) adoption of tax increment financing. Staff said the district covers the…
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