Arlington Heights Considers Creating New TIF District

The Arlington Heights village board Monday approved the first phase of a potential development plan that would include creating a Tax Increment Financing (TIF) district in the Hickory/Kensington area, according to the Chicago Tribune. 

A TIF district is public method of financing, by way of using future gains in taxes to cover current improvements. When completed successfully, new development projects increase surrounding property values and subsequently generate additional revenue. 

The board had the option to approve a $33,000 two-phase plan to determine if the area bordered by Miner Street, Northwest Highway, Dryden and Belmont avenues is a feasible location for a TIF district. The Chicago Tribune reports the board instead chose to approve only phase one, at a cost of $12,500.