Report: Suburban Cook County TIF revenue down 7.7%
Updated: October 24, 2012 10:11PM
Tax increment financing districts in suburban Cook County saw overall revenue decline 7.7 percent in 2011, according to a report released Wednesday by Cook County Clerk David Orr.
Suburban TIF revenue decreased from $298 million in 2010 to $275 million in 2011, the report said. Revenue decreased for 133 of 280 active suburban TIFs. Revenue increased for 75 districts.
TIF districts are used by communities to encourage development in specific areas. Typically, bonds are sold to pay for infrastructure improvements in the district and the bonds are repaid from the increased property tax revenue.
Other report highlights:
Three suburban TIFs were canceled in 2011. Districts in Berwyn and Hanover Park expired. Bensenville closed about 10 years early.
Twenty new suburban TIFs were added, including ones in Franklin Park and Lincolnwood.
Five suburban TIFs had 2011 revenue of more than $10 million in 2011, the report said. Glenview: Naval Air Station ($27.5 million, up 1.5%); Hoffman Estates: Sears ($23.4 million, down 10%); Rosemont 1: ($17.5 million, up 1.7%); Rosemont River Road: ($13.1 million, up 0.3%); Cicero: ($11.4 million, up 7.5%)