Explore how Bartlett’s will transform the Lake Street Corridor into a dynamic hotspot for residents, visitors, and businesses.
WHAT IS A TIF DISTRICT?
A TIF is a commonly used economic development tool, which helps municipalities make needed improvements (roads and sewers) or helps attract private development.
TIF generates a pool of money used for reinvestment within the TIF area. When a TIF district is created, the property values of the parcels within the district are set at a base equalized assessed value (EAV). Taxing bodies (Village, county, township, school districts, etc) continue to collect property taxes based upon the base EAV. Any increase in the EAV generates the TIF increment, which is then available for projects within the TIF district.
LOCATION
Located in the Northwest suburbs of Chicago, the Village of Bartlett is a growing community with a small-town feel. Connected to three bustling counties (Cook, DuPage, Kane), Bartlett offers convenient expressway and Metra accessibility, as well as close proximity to O’Hare Airport (21 miles) and downtown Chicago (35 miles.) The Village is bordered by W. Lake St (Route 20) on its northern edge and Army Trail Rd on its southernmost edge.
The Lake Street TIF District serves as an attractive destination for business investment, workforce access, and continued commercial growth. Aiming to make an impactful presence in Bartlett and the Northwest suburbs, the TIF District is located along the highly-traveled Route 20. Focusing on the northern boundary on Bartlett, the Project Area includes properties at the northeastern corner of the Village along Lake Street, roughly between Lela Lane and Hale Avenue.
PROFILE
Bartlett Daytime Population:
10,754
Bartlett White Collar Employment: 76%
Bartlett Residents w/Bachelors Degree or higher:
48%
