Save Buffalo Grove (SBG) is hosting a presentation on problems associated with Tax Increment Financing (TIF) for the proposed Downtown Buffalo Grove. Please attend and alert your friends and neighbors.
Presentation: Tax Increment Financing (TIF) for Downtown Buffalo Grove: Developer’s Dream or Taxpayer’s Nightmare?
Speaker: Brian Costin, TIF district expert with the Illinois Policy Institute
Date: Thursday, July 18, 2013
Time: 7:30 PM to 9:30 PM
Location: Village Tavern and Grille-Back Room, Raupp Road at Church Street
Please: Buy a drink or snack from the Village Tavern, as the room is free to SBG.
Background: This program comes in response to the proposal for the creation of a new TIF district as a way to fund the Downtown Plan from the developer, Charles Malk of CRM Properties Group, and remarks indicating support for such a concept from the Buffalo Grove Village Trustees.
Discuss what TIF districts are, how they can affect taxpayers, and the unique circumstances surrounding a potential Buffalo Grove TIFdistrict.\Outline the legal steps involved in creating a TIF district in Illinois and how citizens can participate in the process to influence the outcome.
Present information on Illinois TIF statutes that require TIFS to be used for areas with “blight factors,” and the restrictions of TIFS on public lands occupied by golf courses.
Explore the numerous legal concerns surrounding CRM Properties Group’s unique TIF district proposal for a Downtown Buffalo Grove development.
“If this proposal proceeds, it might be the first time in Illinois history that a TIF district has been proposed for non-blighted lands entirely owned by the government,” says Costin. “Because the proposed development area overlaps the boundaries of several taxing bodies– Village of Buffalo Grove, Vernon and Wheeling Townships–local school districts and taxpayers in both Lake and Cook counties will be affected by the proposed TIF district.”
A copy of our report filed with the State Board of Elections is (or will be) available on the Board's official website (www.elections.il.gov) or for purchase from the State Board of Elections, Springfield, Illinois.