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Tax
Increment Financing (TIF) Districts
What is Tax
Increment Financing?
Tax Increment Financing (TIF) is a technique that municipalities
use to attract private development and investment to areas that
have not seen appropriate growth. TIF may only be used when private
development would be too difficult or costly without improvements
and incentives.
For further information
about TIF click here.
Downtown
TIF
TIF has played a key role in the successful redevelopment of
the downtown area. Downtown Crystal Lake is a successful, thriving
downtown with a very low vacancy rate. Existing and planned
streetscape improvements have been financed through TIF. |
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Virginia
Street Corridor
On July 19, 2005, the Mayor and City Council of the City
of Crystal Lake adopted the Virginia Street Corridor TIF.
The corridor generally consists of 77 parcels along the portion
of Virginia Street between Crystal Lake Motel to the north
and Midas to the south. To provide the business and property
owners within the corridor the opportunity to provide input
regarding the improvements using future TIF funds, the Virginia
Street Corridor Association has been established.
The City has sent out a Request for Proposals (RFP) for Streetscape Design Services within the Corridor. For further information, please contact James Richter II in the Planning and Economic Development Department at 815-356-3700 ext. 4034. |
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Download a copy of the Virginia Street Corridor RFP document here.
Download a copy of the Virginia Street Corridor Tax Increment Financing Redevelopment Plan and Program here.
Crystal
Lake Avenue and Main Street
On November 15, 2005, the Mayor and City Council of the City of Crystal Lake adopted the Crystal Lake Avenue and Main Street TIF. The project generally consists of 18 parcels, southeast, northeast, and southwest of the intersection of Crystal Lake Avenue and Main Street. For any questions about the Crystal
Lake and Main TIF, contact Latika
Bhide in the Planning and
Economic Development Department at 815-356-3700 ext. 3798. |
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Download a copy
of the Crystal Lake Avenue and Main Street Tax Increment Financing
Redevelopment Plan and Program here.
Vulcan
Lakes
On January 17, 2006, the Mayor and City Council of the City of Crystal Lake adopted the Vulcan Lakes TIF. The project area generally consists of 22 parcels
bound by Route 14 (Northwest Highway) to the north, Main Street
to the west, Rakow Road to the south, and Pingree Road to the east.
The City issued a 'Request for Qualifications' (RFQ) with the intention of seeking the most qualified, most enthusiastic and most committed development team to select as the Developer of Record.
For any questions about the Vulcan Lakes TIF, contact
Michelle Rentzsch in the Planning and Economic Development Department
at 815-356-3700 ext. 3612. |
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Download a copy of the Vulcan Lakes RFQ document here.
Download a copy
of the Vulcan Lakes Tax Increment Financing Redevelopment Plan
and Program here.
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LINKS
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