Tinley Park Could Have A New TIF Approved By Next Week

TINLEY PARK, IL — The Village of Tinley Park approved of creating the village's fifth tax increment financing district. The final decision will be made by the Tinley Park village board come Aug. 18.

The TIF would include up to 250 areas including retail spaces such as Menards on 159th street. The proposed TIF would potentially create revenue that the village could use to cover the cost of infrastructure and other city needs. The TIF comes while the village continues to plan reuse of properties on Harlem Ave.

Cities use TIF for development of commercial use and empty spaces such as storefronts and vacancies. Property tax is currently frozen in the district for government bodies. The increase in tax is being used by communities to pay for any improvements needed such as streets, sewers sidewalks and water.

TIFs typically last around 23 years but could end earlier. For more information read about TIFs on the village website.