The Village of Glenview Announces Plan to Conclude Glen TIF

The Village of Glenview Announces Plan to Conclude Glen TIF

District 30 joins other impacted jurisdictions in applauding the Village of Glenview’s announcement of plans to conclude The Glen TIF (Tax Increment Financing) at the end of 2021. The Glen TIF was established by ordinance in 1998 to support the conversion of the Glenview Naval Air Station to The Glen development. The Village of Glenview added information about Concluding the Glen TIF to their Glen Tax Increment Financing (TIF) website and shared:

The closure of the TIF allows area taxing districts to begin directly receiving property taxes generated from The Glen. Going forward, instead of property tax payments being made to the TIF fund, those same payments will go directly to taxing districts, including the Glenview Public Library, Glenview Park District, Village of Glenview and School Districts 30, 34 and 225.

Additionally, the closure of the TIF will not result in any tax increase for property owners inside or outside of The Glen.

District 30 has planned on the conclusion of The Glen TIF since its inception. District 30’s plans for The Glen TIF funds are enhanced by the early sunsetting of The Glen TIF by Glenview, and they will benefit our district by allowing us to pay off existing debt certificates as planned by the previous and current Boards of Education, generate building maintenance funds, and consider options for reducing the impact of existing bonds on our taxpayers. The funds from The Glen TIF also stabilize our deficit budget and will help maintain the quality of our educational programs.

Districts under the tax cap can raise their property tax collection by CPI (Consumer Price Index) plus any new growth/construction not previously on the local tax rolls. The annual levy (what is requested by a district) is routinely set artificially high because even though the CPI factor of 1.4% is known, the new growth/construction in a district is unknown. This year’s levy process will include the one and only opportunity District 30 and all other impacted taxing bodies have to capture the “new growth” from The Glen development that has remained under the TIF from its inception until now.