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Date / Time: Tuesday, October 6th at 6 PM
Location: Village Hall - 290 Evergreen Drive, Vernon Hills
Background: The Village, Hawthorn Mall owners, taxing body partners, business groups and the wider community have been working to determine ways to support the rejuvenation of Hawthorn Mall. One economic development tool available to support any redevelopment effort is to create a Tax Increment Financing (TIF) District, which calls on taxing bodies to work in partnership today for long-term gains realized in the future. A TIF freezes property taxes at the level being collected when the TIF is created, then uses any incremental growth created by improvements over the life of the District to help cover the costs of things like infrastructure improvements for new roads, utilities, lighting, etc. By working together, all taxing bodies and the wider community benefit from the improvements that are developed over the life of the TIF.
October 6th Agenda:
Presentation by TIF Consultant
Learn more by visiting the Hawthorn 2.0 webpages at: https://www.vernonhills.org/872/Hawthorn-Mall-Redevelopment