Downtown Redevelopment
Downtown Redevelopment Projects Courtesy Review
The following Courtesy Review presentations were heard by the Village Board at a special meeting on July 23, 2012.
Tax Increment Financing
(TIF) is a program that allocates future increases in property taxes from a designated area to pay for improvements only within that area. The program lasts for 23 years from the creation of the TIF district.
On June 28, 2001, S.B. Friedman & Company was engaged by the Village of Lake Zurich to conduct a Tax Increment Financing Eligibility Study and prepare a Redevelopment Plan and Project, which was completed on March 18, 2002.
How the TIF District has worked so far – the Concord Village Project:
The TIF District is a success already. For years, the old Grace-Dearborn property between Costco and the railroad tracks stood shuttered and cluttered with ugly and obsolete industrial buildings and without hope for attracting new development. After the TIF District was created, development proposals quickly arose. Now, the industrial buildings are gone, and a new residential community has been established.
How did this happen?
The Village invested a modest amount of TIF funds into the Concord Village project to help pay for the demolition costs and basic infrastructure improvements that simply made the project too expensive to undertake without that money. Today the entire village benefits from beautiful new housing stock and a new residential community very near downtown.
For more detailed information regarding the Lake Zurich TIF District, click the links below.
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"(An advantage of Downtown Lake Zurich is) being in the center of many affluent communities... Being viewed as a true part of the community, not just a tenant" -Bob Narcisi, owner of DiPiero's Pizzeria & Italian Deli and Delicious Redd's
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"We have invested our lives in downtown Lake Zurich. We have expanded several times. We have supported our community for a long time."
- Kerry Dean, owner of Volles Bridal Boutique
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