The Vernon Hills village board discussed establishing a tax increment financing (TIF) district for the northeast corner of Milwaukee Avenue and Townline Road to improve the condition of the area at its Feb. 16 meeting.
The board had Kane McKenna & Associates perform a TIF eligibility study, which labeled the area as a "blighted vacant area."
The TIF budget plans for costs for the 23-year life of the TIF and will be financed through the incremental property taxes for the redevelopment.
The board approved the establishment of a registry for interested parties in the TIF to make sure those interested will receive information about the district. It also set a public hearing and joint review board meeting to discuss the matter.
At the meeting, the board also approved a contract with Sikich LLP for audit services for 2016-2017 in the amount of $36,400.
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