Tax Increment Financing District (TIF) - Green Bay Road Redevelopment Project

  1. TIF Quick Facts
  2. TIF Frequently Asked Questions
  3. Redevelopment Plan & Project for the Green Bay Road Redevelopment Project

Tax Increment Financing (TIF) Quick Facts

  • Our school districts will not lose any money due to the proposed TIF District. In truth, the TIF is designed in part to increase school revenues over the long run.
  • The Village Board has not discussed the issuance of bonds for revenue generation. In fact, the Village Board has discussed taking a slow and measured approach to any development.
  • Should a landowner approach the Village Board with a project, the approval of that project MUST be done in a public meeting. Fact - A TIF District does not supersede the requirements of the Illinois Open Meetings Act.
  • The Village restricts commercial buildings to no more than 35 feet or 3.5 stories, or with special use granted by the Zoning Board no more than 40 feet in height. There will be no high-rises coming to Kenilworth.
  • There is a possibility that the eminent domain regulations may grant the Village additional authority in a TIF District. Therefore, if the Village Board adopts a TIF District, language will be included to forbid the use of eminent domain authority upon residential properties within the TIF District.
  • A TIF District does not give the Village new authority to secretly issue debt. The fact is that the Village has had authority to issue debt for decades and chooses to use that authority conservatively and wisely.
  • The expenditure of all TIF Fund dollars must be approved by the Village Board and the financial activity will be audited on an annual basis.

What is a TIF District?

  • It is an area identified by the Village that is in need of redevelopment due to declining conditions and tax base.
  • Incremental increases to property taxes from within the district are reinvested in that area in an effort to stimulate improvements.
  • The goal is to provide a temporary financial stimulus to the redevelopment area that otherwise would not occur. 
  • The planned redevelopment may be in effect for 23 years but can be retired sooner.

Why do we need a TIF?

  • Our Business District has been showing signs of decline for quite some time.
  • A healthy Business District contributes more to property taxes, reducing the pressure on residential property taxes.
  • Improvements have not come on their own and creating a TIF is a way to spur growth. 
  • A TIF District is the best tool to achieve the goal of improving the Business District.

What it Does

  • Acts as an economic development tool to encourage revitalization and redevelopment within an area lagging in economic vitality.
  • Directs the incremental growth in tax revenues based on improvements that grow a TIF District's EAV solely to the TIF District.
  • Requires a formal budget and annual audits to track expenditures and activity.
  • Ensures that received funds are utilized to improve the district.

What It Does Not Do

  • Limit the budgets or taxing authority of other taxing bodies.
  • Give the Village new authority to issue bonds.
  • Decrease tax revenues from current levels in the TIF District for other taxing bodies.
  • Change the Village's obligation for public meetings, budgeting, and auditing of financial records.

How Big is the TIF District?

  • The area is relatively small at approximately 15 acres.
  • It represents just 0.23% of the New Trier High School District's Equalized Assessed Valuation and 4% of the Village.
  • It provides approximately $1,000,000 of tax revenues for all taxing bodies.
    • $411,613 to Joseph Sears School
    • $236,100 to New Trier High School District
    • $160,360 to the Village
  • The Goal is to increase the health of the TIF District so the $1 million of support grows to $3.6 million over the life the TIF District.

Upcoming Meetings

MeetingDateLocation
Joint Review BoardApril 17, 2019 - 10:30 AMKenilworth Village Hall
Joint Review BoardMay 8, 2019 - 10:30 AMKenilworth Village Hall
Public HearingMay 20, 2019 - 7:30 PMKenilworth Village Hall
Village Board Discussion of OrdinancesJune 17, 2019 - 7:30 PMKenilworth Village Hall
Village Board Vote on TIF OrdinanceJuly 15, 2019 - 7:30 PMKenilworth Village Hall

Documents

07/10/19 - Committee of the Whole Presentation

06/05/19 - Village President Letter

04/17/19 - Joint Review Board Meeting Presentation

04/17/19 - Joint Review Board Meeting Agenda

05/20/2019 - Public Hearing Presentation

Proposed Project Area Graphic

Village Board Report - 10/15/18

Village Board Report - 03/18/19

Ordinance 1239 - Interested Parties Registry Rules

Interested Parties Registration Form

Green Bay Road Redevelopment Plan

Notice of Public Hearing