Politics & Government
Lake Zurich board to vote on new TIF district
The vote will be held at a public meeting on January 16
The Lake Zurich Village Board has scheduled a public meeting on January 16 to discuss a tax increment financing (TIF) district for the west side of Rand Road between Honey Lake Road and Route 22, according to the Lake Zurich Courier. TIF districts are used to set aside tax revenue from an area to fund economic development in that area.
The village staff proposed a TIF district following the announcement of a project at 225 S. Rand Road, which will include 160 apartments, retail space and a restaurant.
TIF funds could be used to reimburse Garden Homes, the New Jersey-based developer of the project on Rand Road.
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If the TIF district is approved, Lake Zurich Community Unit School District 95 would lose funding from property taxes. School district officials have indicated that they wouldn't oppose the new TIF district.
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