MAPLE PARKâ€”Maple Park village officials on Monday discussed the possibility of establishing a tax increment financing (TIF) district in the village.
One location they proposed for a TIF would extend from the planned commercial and residential development on the southwest corner of Route 38 and County Line Road and to the downtown area on Main Street.
Village President Kathy Curtis said the board not decided yet whether to establish a TIF, or its location.
â€œThe village engineer is developing a strategic capital improvements plan that we will be discussing before any further action is taken,â€ Curtis said.
With a TIF in place, the village could borrow money for capital improvement projects in the district and pay it back with the additional property taxes the improved district generates.
â€œThe village of Maple Park needs to explore all potential revenue stream opportunities to support the repair and maintenance of our aging infastructure challenges,â€ Curtis said.