The Village of Round Lake adopted a Downtown TIF District (January 2021) to help kick-start development of vacant parcels in the Downtown, incentivize private development, encourage public-private partnerships, and support existing businesses, all to create a thriving, economically viable Downtown.
The TIF is brand new and no programs or funding are available at this time. However, some of the potential projects or programs the Village may consider are listed below:
- Support existing businesses in the Downtown (façade rehab program, embrace diversity and small family owned businesses, signage upgrades, permitting process assistance)
- Attract new businesses for thriving Downtown full of shopping, dining, entertainment, and living options (active marketing, incentives)
- Use Village owned parcels as a catalyst for desired development
- Take advantage of commuter train station as a unique resource (transit oriented development)
- Work with Lake County on realignment of Cedar Lake Road (access, parking, pedestrian amenities)
- Create a public gathering place in the Downtown (festival lawn, band shell)
- Encourage redevelopment that is attractive, economically feasible, bringing residential units, restaurants, retail, entertainment, and services to the area, mixed use, multi-story buildings (design guidelines, landscaping)
- Add higher-end housing options to Downtown
- Facilitate walkability through pedestrian and bicycle facilities and connections, improve transit
- Wayfinding signage at both vehicle and pedestrian scale, gateway features
- Infrastructure improvements (water and sewer mains, stormwater collection and retention, beautification through continued streetscape improvements, environmental remediation of contaminated site)
What is TIF (Tax Increment Finance) District
A financing tool for municipalities to use accomplish stated goals within a defined boundary area. TIF takes the base revenues of today and distributes that to all taxing districts. The incremental revenues that are created by development within the TIF boundary are provided to the municipality for use within the TIF district. Municipality must prove it meets the State TIF eligibility criteria and complete the Plan, Housing Study and Budget, and follow the public participation requirements prior to establishing a TIF district. Once approved, a TIF is valid for 23 years.