As of January 5, 2016, The Village of Carpentersville designated a portion of the Spring Hill Mall located in the Village as tax increment financing district, or TIF District. A TIF District is a public financing method that utilizes future gains in property taxes to support redevelopment, infrastructure and other community improvement projects.
Designation
In conjunction with the redevelopment efforts of the Developer and the Village of West Dundee, the designation of the Spring Hill Mall Redevelopment TIF District will serve to rehabilitate and redevelop the Mall through an integrated and comprehensive strategy that utilizes public resources to stimulate additional private investment in an area that would not otherwise be commercially productive.
An analysis of the Mall property prior to the establishment of the intent to formalize a TIF designation found the area to be experiencing declining equalized assessed property values, excessive vacancies and other statutory factors qualifying for TIF designation.