In September 2024, the Village of Bartlett Board approved and designated the Lake Street Tax Increment Financing (TIF) District.

The overall goal for this redevelopment project area is to reduce or eliminate conditions that qualify as “conservation areas” for improved parcels, “blighted areas” for unimproved parcels, and to provide the direction and mechanisms necessary to develop the northern thoroughfare of the village as a vibrant commercial, residential, and recreational district. The redevelopment of the Lake Street project area aims to revitalize the area, strengthen the economic base, and enhance the overall quality of life. 

The estimated eligible redevelopment project costs of the Redevelopment Plan are $67.3 million. 

The 2023 EAV (the most recent year in which assessed values and the equalization factor were available) of all parcels in the Lake Street Redevelopment Project Area is $5,970,853. By tax year 2047 (collection year 2048), the total taxable EAV for the project area is anticipated to be approximately $67.3 million.

Established: 2024                                    Expiration: 2047    

TIF Eligibility Study & Plan

The Village worked with Teska Associates Inc. on an eligibility report for the Lake Street Corridor for the creation of the new TIF District.

View the  Lake Street Corridor Tax Increment Financing (TIF) District Redevelopment Plan and Program

View the interactive Lake Street TIF District Database

Tax Increment Financing (TIF)

"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 Districts

In the 1960s and 1970s, 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 49 states across the country and in over 500 Illinois cities (Illinois Municipal League).

For more information on the history and laws governing TIF districts, please visit the Illinois Tax Increment Association.