Lake Zurich hopes to use a newly approved tax increment financing district to spur investment in the town’s 409-acre industrial park.
Village Manager Ray Keller said that now that the lengthy process of establishing the district is complete, the “fun part” begins.
“We’ve already had some engagement with industries in our industrial park who have expressed interest in looking at some projects, looking at some improvements to their properties,” Keller said Tuesday shortly after the district was established through a unanimous vote of the village board. “Now we get to see what they have in mind and see how we can help make them realize their goals.”
The industrial park sits on the east side of the village and includes businesses north of Route 22, east of the railroad tracks, west of Capital Drive and south of Telser Road.
Typically lasting 23 years, TIF districts divert any property tax revenues above current levels from local governments like schools and library districts to a special fund, where they can be used to pay for economic development efforts.
Village officials said the objectives of the new TIF district include reducing blighted conditions, enhancing the village’s tax base and encouraging private investment within the industrial park.
The board first began pursuing the TIF plan in May 2022 and developed it throughout the summer with Evanston-based consultants Teska & Associates.
Other governmental taxing bodies and local stakeholders had chances to lodge objections to the plan but did not, according to the village.
In October, the planned district was discussed and approved by the Lake Zurich TIF Joint Review Board, a committee which includes representatives from Lake County, Ela Township, Ela Public Library, Lake Zurich Unit School District 95 and the College of Lake County.
In November, a public hearing on the new TIF was hosted and no one raised objections to the plan.
The estimated date of completion on the industrial park’s TIF district is the end of 2046, according to village documents.