TIF District Could be on Way in Lake Forest

A special taxing district could help pay for a new residential housing development in Lake Forest.

The Chicago Tribune reports the Lake Forest City Council unanimously approved the first reading of the creation of a tax increment financing (TIF) district in the area that could soon hold up to 175 new residences, apartments or single-family homes on the northwest corner of Laurel and Western avenues.

The land is now considered by the city to be blighted, due to its years of use as an industrial site. But the money raised through the TIF would “help pay to take down old buildings, clean soil and do other work needed” before the land could be considered habitable for people.

Read more via the Chicago Tribune