Information Regarding TIF for your Review
To date, the TIF ordiance has not passed but the following information is for your use if it should come up again in the future.
Some of you may heard about a combination retail and residential development being proposed in Lindenhurst. The development is called Village Green and the approval process for it is underway with the Village of Lindenhurst, This project is proposed using a TIF (Tax Increment Financing) district.
A TIF is an area approved by the Village that uses property tax revenue to pay for land costs and public improvements. The taxes that schools and other taxing bodies collect annually are frozen at the current level for up to 23 years, while the increased taxes resulting from developing the land are used to pay off bonds for the cost of the development.
This project requires public funding because the devlopment costs are too high and the developer cannot afford to develop the property on their own. They ant our help in making a profit while our schools, libraries, fire districts, ect. will have to wait 23 years to see any benefit. This project proposes a "high-end" retail area coupled with up to 1,000 new residential units.
Grayslake Community High School District 127 will not receive any increase in property taxex from the retail area for 23 years and will only receive approximately 33% of the normal tax revenue from the residential portion for 23 years. This project will increase the burden on our schools without improving our financial position. It will also likely spur residential development in the surrounding area, further exacerbating the area schools' already tenuous financial situations. We support the development; we do not support the TIF. The proposed TIF will be the subject of a Public Hearing hosted by the Village of Lindenhurst on January 8 with an approval vote scheduled for January 22, 2007.
Grayslake Community High School District 127 has joined forces with Woodland Community Consolidated School District 50 and Millburn Community Consolidated School District 24 to be sure the impact on the local schools is understood and addressed. The financial projections currently available from the Village of Lindenhurst reflect significant financial losses to all three school districts. We have engaged legal counsel along with some financial and land planning consultants to help us analyze these projections. If, as we suspect, this planned development is financially harmful to our districts, we plan to oppose it with every means available to us. While you may not live in Lindenhurst, your taxes will be impacted by this decision. Please visit our website www.D127.org for more information.
Covering approximately 200 acres of commercial and residential land along Route 45 and Grand Avenue, this property lies within our district, Millburn District 24 and Grayslake High School District 127.
On November 13, the Woodland Board of Education took action to oppose the Village of Lindenhurst TIF joining Millburn District 24 and Grayslake High School District 127.