Tax Increment Financing (TIF) Projects 

Town Square 
Olde Schaumburg Centre TIF District
"From Blight to Beautiful"

Tax Increment Financing (TIF) is a financial tool used to assist a municipality in redevelopment of a specific area that is blighted or showing signs of becoming blighted.  A redevelopment plan for the TIF District is created which outlines the goals and redevelopment activities.  Illinois State Statute allows certain costs to be financed with TIF funds including:

  • Infrastructure improvements
  • Land acquisition
  • Site preparation
  • Relocation costs
  • Job training
  • Bond financing

There are many benefits to using TIF:

  • Locally controlled redevelopment tool that is not dependent on state or federal approval
  • Does not raise taxes on existing property to pay for redevelopment
  • Schools, parks, libraries, counties continue to receive Base Taxes
  • Helps to remove conditions of deterioration
  • Funds public improvements and infrastructure through incremental property tax revenue from added value of new development
  • Enhances tax base of local governments to reduce tax burden on other properties

Additional information on TIF can be found at  www.illinois-tif.com.

 

Olde Schaumburg Centre TIF District

Created in 1989, the Olde Schaumburg Centre TIF District includes nearly one square mile of properties located at the intersection of Schaumburg and Roselle Roads. The TIF has been very successful with the redevelopment of Town Square, construction of the Clock Tower and Veteran's Gateway Park, infrastructure improvements and restoration of the historic buildings within the project area. There are two residential  projects remaining for the completion of the TIF:

  • Pleasant Square
  • Waterbury Lane Rowhouses

North Schaumburg TIF District

The Village of Schaumburg created the North Schaumburg TIF District bounded by I-90, Roselle Road, Algonquin Road and Arbor Drive in 2014. The North Schaumburg TIF seeks to:

  • Pay for the new I-90 Tollway Ramps at Meacham and Roselle Roads
  • Integrate Bus Rapid Transit and local transit services to promote a convenient pedestrian circulation
  • Encourage redevelopment of the underutilized properties in the area
  • Improve utilities and infrastructure within the project area

The Village worked with Teska Associates on the North Schaumburg Redevelopment Plan and Project for the new TIF District.  Teska completed the Eligibility Study and the Housing Impact Study . The Village also partnered with Teska to approve the North Schaumburg Concept Plan for this area.

If you have any questions, please contact Matt Frank, Assistant Director of Community Development/Economic Development Manager, at 847.923.3853.

 

 
101 Schaumburg Court, Schaumburg, IL 60193-1899
P: 847.895.4500

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