District 34 Will See Increased Revenue,
Residents Will NOT See Increased Taxes from TIF Conclusion
On October 29, 2021, the Village of Glenview announced the conclusion of Glen TIF. This move allows area taxing districts, including Glenview School District 34, to begin directly receiving property taxes generated from the properties located within The Glen. As a result, District 34 will be able to capture an estimated $5M in net revenue increases with the 2021 tax levy.
"District 34 is grateful to the Village of Glenview for their outstanding management of the TIF,” said District 34 Superintendent Dr. Dane Delli. “The entire Glenview community is stronger and better for it. The make-whole payments from the Village throughout the life of the TIF, and the early conclusion of the TIF, are clear examples of the Village's unwavering support of our schools."
TIF stands for tax increment financing. A TIF is an economic redevelopment tool used by communities to spur investment in a particular geographic area. In the case of The Glen TIF, property tax revenue increases within the TIF district were collected and allocated to fund significant redevelopment and critical infrastructure improvements. Going forward, after conclusion of The Glen TIF, those property tax payments will instead go directly to the taxing jurisdictions rather than funding the redevelopment. Individual taxpayers’ property taxes will not increase as a result of the TIF’s conclusion; rather, the funds will be redirected from the Glen TIF to the taxing bodies.
Throughout the life of the TIF, the Village not only provided “make-whole payments” to the District each year, Village officials also worked with lawmakers to draft and pass Illinois' Economic Development Project Area Tax Increment Allocation Act of 1995. That law allowed the Village to provide make-whole payments to the school districts, Park District, Village and Library each year to mitigate the additional costs of providing services to the area, including educating the children living within the TIF area.
At the November 15 Board of Education meeting, the District will present its tentative 2021 tax levy, along with a resolution to approve the tentative tax levy and hold a public hearing on the levy. That levy will be different from previous years, in that there will be a significant increase in the proposed tax levy for next year due to the need to capture the EAV of the Glen TIF area so that it is redistributed to the District.
District 34 has planned for the conclusion of the TIF for several years; the early conclusion will allow the District to address operational deficits sooner than expected.
“This one-time opportunity to capture additional funding will allow the District to address financial structural deficits and program sustainability, and will ensure a revenue stream for ongoing maintenance for our largest assets,” said Assistant Superintendent for Business Services Eric Miller.
While the Glenview community’s approval of the referendum in March 2020 has helped address the District’s vast facility needs and made space for full-day kindergarten, the referendum funds must be used for capital projects only. The District will direct the increased revenue from the TIF conclusion in a fiscally responsible plan to address financial structural deficits and facility maintenance to ensure that the community’s investment in schools through the referendum is protected.