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.
Crystal Lake Avenue and Main Street TIF
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. This TIF District has been created to encourage the redevelopment of the key parcels and to incentivize an extension of the downtown mixed use district throughout this area. For more information on this TIF District, please contact the Planning and Economic Development Division.
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's vision for the redevelopment areas within this TIF are to encourage high quality retail uses, restaurants, and entertainment-based uses.
The City is constructing a large-scale public recreational amenities plan that will provide parking, a beach, swimming areas, gathering space, and trails to allow residents and visitors access to this unique area. Construction of the Three Oaks Recreation Area is underway and is slated for completion in late 2010. For more information on this TIF District, please contact the Planning and Economic Development Division.
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 Virginia Street. The purpose for this TIF district is to revitalize the area through infrastructure improvements that will increase the pedestrian accessibility and the aesthetics of the area. Other goals for the TIF include providing additional parking as well as creating a unique identity for the area, similar to downtown Crystal Lake.
The City completed streetscape improvements throughout the corridor in 2011. In the future, funds may be utilized to provide additional parking within the corridor. For more information on this TIF District, please contact the Planning and Economic Development Division.