TIF #1 has been a great success, enabling, among other things, construction of the recently completed 163-unit Winfield Station luxury apartment complex. This complements the Town Center 1 building on Winfield Road just north of the Metra tracks, which was also a TIF project.
When TIF #1 expires in 2027, its properties will bring a windfall of revenue for local taxing bodies, estimated at more than $750,000 dollars per year. But, these entities will actually see rewards much sooner than that. Immediately upon the Village’s approval of TIF #2, some of the parcels within TIF #1 will be returned to the property tax rolls, which will provide new revenue for taxing bodies six years ahead of schedule.
The tables below show the estimated new revenue available for local taxing bodies over the proposed 23-year term of TIF #2 after returning some TIF #1 parcels to the tax rolls this year, and after TIF #1 expires in 2027.