The Tax Incremental District (TID) portion of the Village budget operates independently of the other areas (General Government and Enterprise Funds). TID projects are typically long-term investments that will help to create sustainable development. A TID is established to spur economic development requiring a sizeable investment and is contained to a very specific geographic area.
Tax Incremental Districts receive income from taxes paid by businesses within the boundaries of the district. These funds are used to develop the land within the TID. Once the debt incurred for development is repaid, the property taxes from businesses within the district are directed back to the taxing entities. Property taxes collected from the general population (properties outside of the TID boundaries) are not used to pay for any TID improvements, programs or debt.
The Village currently has two established Tax Incremental Districts. TID #2 ranges from Hwy 31 to west of I-94. It contains specific properties, including: parcels in PrairieWood and LakeView Corporate parks and land owned by Abbott Laboratories (and others) west of I-94. TID #4, is a smaller district located at the corner of 22nd Avenue and 91st Street. Planning for each of these districts has continued to progress throughout 2007. During 2008, construction in TID #2 will continue and construction in TID #4 is expected to begin.
What to Expect in 2008
In 2008, funds from TID #2 will be used to begin two construction projects, a Force Main Lift Station 73-1 and the installation of water main in Highway Q. Roughly $5,000,000 will be spent on these projects to help pave the way for future economic development west of I-94. Also in 2008, contaminated lands in TID #4 will be restored by a developer and construction of the first of four condominium buildings will begin.