"TIF" stands for Tax Increment Financing. TIF is a financial tool used to assist a municipality in the redevelopment of a specific area that is blighted or showing signs of becoming blighted. A tax increment is the difference between the amount of property tax revenue generated before TIF district designation and the amount of property tax revenue generated after TIF designation. The TIF redevelopment project creates a vital cycle, increasing development and redevelopment in the area, such that when the TIF project ends — and Illinois law allows a TIF project to exist for a period of up to 23 years — all of the taxing bodies benefit from the new growth.
Only property taxes generated by the incremental increase in value of TIF district are available for TIF projects. Tax rates do not change when a TIF is created. TIF districts do not increase taxes. The image below helps demonstrate the purpose and benefits of a successful TIF district.
History of TIF DistrictsIn the 1960’s and 1970’s, the federal and state governments, including Illinois, began cutting back economic development programs that cities could use to revitalize communities. TIF districts are one of the few remaining tools that local governments can use to attract new business, invest in infrastructure and rebuild blighted areas. TIF districts are a popular and effective redevelopment tool, used in 47 states across the country and in over 250 Illinois cities.
For more information on the history, and laws governing TIF districts, please visit the Illinois Tax Increment Association.
The North Schaumburg TIF District, otherwise known as "90 North", is located in the north part of Schaumburg and bounded by I-90, Roselle Road, Algonquin Road, and Arbor Drive. In particular, 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
90 North is the home to Veridian, which is the redevelopment of the former Motorola property into a new 225 acre mixed-use campus. Once completed, the project will feature high-end residential developments, Class A office space, numerous entertainment and hospitality options, and street retail districts. Below is drone footage from various stages of the Veridian development process. Additional information on the redevelopment can be found on the 90 North District website or the Veridian website.
TIF Eligibility Studies & Plans
The Village worked with Teska Associates on the North Schaumburg Redevelopment Plan & Project for the new TIF District. Teska completed the Eligibility Study and the Housing Impact Study as part of the project. The Village also partnered with Teska to approve the North Schaumburg Plan for this area.
90 North District Regulatory Framework Plans
In 2018, the village established two regulatory framework plans to help guide decision making and evaluate development proposals for east and west side of Meacham Road. The west side plan focuses on the redevelopment opportunities of the former Motorola Campus and the east side plan highlights the need for more restaurants, entertainment venues, programmed public plazas and trails that visitors and employees in the area can easily walk to.
The documents included in the regulatory framework for the new district include the Master Plan, the North District West (NDW) zoning code and the North District West Design Guidelines. The plans in their entirety can be found by clicking on the links below.
Olde Schaumburg Centre
The Olde Schaumburg Centre TIF District included nearly one square mile of properties, which are 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.
Although the Olde Schaumburg TIF District expired in 2012, a surplus still remains in the TIF fund. As a result, Town Square, Pleasant Square, and Waterbury Lane Rowhouses will continue to receive funding for public infrastructure improvements in the district.