What is happening to the first Winfield TIF?

TIF #1 has been a great success, enabling, among other things, construction of the recently completed 163-unit Winfield Station luxury apartment complex. This complements the Town Center 1 building on Winfield Road just north of the Metra tracks, which was also a TIF project. 

When TIF #1 expires in 2027, its properties will bring a windfall of revenue for local taxing bodies, estimated at more than $750,000 dollars per year. But, these entities will actually see rewards much sooner than that. Immediately upon the Village’s approval of TIF #2, some of the parcels within TIF #1 will be returned to the property tax rolls, which will provide new revenue for taxing bodies six years ahead of schedule. 

The tables below show the estimated new revenue available for local taxing bodies over the proposed 23-year term of TIF #2 after returning some TIF #1 parcels to the tax rolls this year, and after TIF #1 expires in 2027. 

Show All Answers

1. What is a Tax Increment Financing (TIF) District?
2. What will the new TIF be used for?
3. What are the key benefits of the TIF for Winfield?
4. Will my property taxes go up because of the TIF?
5. Who supports the TIF?
6. Why do some people oppose the TIF?
7. How can I be sure this financing tool will work out for Winfield?
8. How will the TIF benefit the two local school districts?
9. What is the role of Central DuPage Hospital (CDH) in the TIF?
10. What is happening to the first Winfield TIF?
11. What are the next steps for the approval of TIF #2?