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Lincolnshire staff present draft Tax Increment Financing policy to guide future requests
Summary
Staff presented a draft Tax Increment Financing (TIF) policy developed with consultant SB Friedman that favors a pay‑as‑you‑go approach, requires developer financial disclosures, and clarifies that TIF approvals remain discretionary and must align with the Comprehensive Plan; staff requested Board feedback within two weeks.
Planning & Development Manager Zozulya introduced a draft Tax Increment Financing (TIF) policy designed to help the Village evaluate future TIF requests and to improve transparency around such requests.
Zozulya said staff worked with economic development consultant SB Friedman and Village Attorney Simon, surveyed roughly 30 area communities and used selected policies (including Kenilworth and Schaumburg) as references. The draft emphasizes fiscal responsibility, favors pay‑as‑you‑go assistance over issuing debt, specifies what financial information developers must provide, and states that any TIF decision is discretionary and must align with the Village's Comprehensive Plan and other board‑adopted policies.
Village Attorney Simon characterized the draft as a thorough, transparency‑oriented screening tool to aid staff and the Board. Assistant Village Manager/CED Director Davies said the policy would allow staff to coach developers on TIF strategy without committing the Village. Village Manager Burke asked trustees to review the draft and submit feedback within two weeks so staff could incorporate suggestions and place a revised policy on the consent agenda.
