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Palatine TIF district might have first surplus disbursement Palatine Village Manager Reid Ottesen.
Updated 1/27/2021 6:33 PM
Palatine village officials say they might be able to distribute the first surplus from a tax increment financing district on the north end of town next year, aided by about $1.9 million left on the table when the Hyundai dealership there was bought by AutoCanada.
The Rand/Lake-Cook Corridor TIF District was created in 2012 and covers 110 acres, including the dealership.
So far, the only TIF project within the district was the building of the Hyundai dealership that opened around early 2014. The village paid a total $3,171,000 under an agreement with the original owner, Patrick Dealer Group, Assistant Village Manager Mike Jacobs said.