South Gateway TIF District Contact Information
South Gateway Tax Increment Financing (TIF) District
**All posted video clips are from public meetings, which are required by law to be recorded.
Tax Increment Financing
- Tax Incremental Financing (TIF) is an economic development tool that helps local governments improve historic districts, restore run-down and blighted areas, or jump-start economically challenged parts of town.
- When a TIF district is created, the property values for all of the parcels within the district are frozen, creating a base value. As development occurs and property values increase, the overall value of the district increases as well. This new value that is created is called the increment, which is the difference between the current total value and the base value. The increment is collected into a special fund that the Village can then invest back into the district under specific rules. The establishment of a TIF does not reduce property tax revenues available to the overlapping taxing bodies. These taxing bodies continue to collect the property taxes at the base value throughout the life of the TIF. Upon the expiration of the TIF, property taxes continue to be distributed to the school districts, county, community college, and all other affected taxing districts in the same manner as if the TIF did not exist.
- More TIF FAQ's
Key Points: South Gateway TIF District
- The Village of Long Grove is an attractive, very low-density residential environment that must compete with many other communities that present a greater balance of business and employment uses which contribute to their community vitality. In pursuit of the goals for sustainability presented in its adopted Comprehensive Plan, the Village seeks to capitalize on the visibility and accessibility presented at its South Gateway near the intersection of Lake Cook Road and IL Route 53, where commercial development has struggled to thrive.
- The South Gateway TIF District project area was carefully established in adherence to the eligibility criteria and include only those parcels within the Village boundaries which would benefit by the proposed Redevelopment Plan and includes:
- Developed and undeveloped parcels on the east and west sides of IL Route 53 at the southern boundary of the Village near Lake Cook Road.
- Rights-of-way and other public property, including property acquired by the State of Illinois Department of Transportation for the purpose of future extension of Route 53 north of Lake Cook Road.
- Two (2) structures and eighteen (18) parcels.
- Approximately sixty (60) acres
*See South Gateway TIF District Boundary Map
- The Village of Long Grove's recently adopted Comprehensive Plan provides an outline for the Redevelopment Plan, with a balance of new development and preservation of rural character (See the Comprehensive Plan Future Land Use Map- Lake Cook Road/Il 53).
Studies and Reports
*This report is intended to provide a framework for improvements and reinvestment within the Project Area over the next 23 years.
(See the clickable link above or at the bottom of the page)
Timeline
March 17, 2022:
Joint Review Board Meeting (Agenda and Supplementary Materials)
Joint Review Board Meeting Video-External Site (YouTube)
December 29, 2020:
Consideration by the full Village Board of ordinances to establish the Prospective South Gateway TIF.
Special Board Meeting Video-External Site (YouTube) TIF Establishment Date
December 15, 2020:
Public Hearing on the Prospective South Gateway TIF, before the full Village Board.
Public Hearing Video- External Site (YouTube)
November 13, 2020:
Joint Review Board meeting/ Agenda and supplementary materials
Joint Review Board Video-External Site (YouTube)
October 27, 2020:
Consideration of An Ordinance Amending Ordinance No. 2020-O-15, being an Ordinance Fixing a Time and Place for a Public Hearing for the Establishment of, and Convening a Joint Review Board for the South Gateway Tax Increment Financing District, and Ratifying Interested Party Registration Rules.
October 9, 2020:
Joint Review Board Meeting (Agenda and Supplementary Materials)
Joint Review Board Meeting Video- External Site (YouTube)
August 25th, 2020:
Presentation of Draft Redevelopment Plan at the Village Board Meeting. A majority of the Village Trustees are in favor of moving forward with the next expenditure and phase of the project (determined by a poll at the meeting). See the video at the top of this page.
July 14th, 2020:
Q&A with TIF consultant at Village Board Meeting
July 2020:
A study was undertaken to determine the eligibility of the Project Area
March 10, 2020:
Preliminary Eligibility Report- Initial Findings presented at Village Board Meeting (The TIF consultant presented the preliminary findings regarding the eligibility of a TIF for the proposed area. The district would include the Menards outlots, the Geimer property, and up IL Rt. 53. A majority of the board decided to proceed).
Please see Draft Schedule for Village of Long Grove South Gateway Tax Increment District below.
