Tax Incremental District (TID) No. 6 - Buckshot Development and Downtown Revitalization Program

The Village is proud to introduce TID #6, a development initiative encompassing the Buckshot Development and Downtown Revitalization Program. This mixed-use project spans approximately 129 acres and is designed to transform key areas of the Village into a vibrant hub of residential, commercial, and community activity.

Partnering with developers and local stakeholders, the Buckshot Development will add single-family homes, duplex units, high-end apartments as well as senior living, providing diverse housing options to meet the community’s needs. Additionally, a Downtown Revitalization Program will focus on enhancing business opportunities and boosting the vitality of the Village’s core.

This initiative underscores the Village’s commitment to sustainable growth, economic development, and maintaining its unique charm while providing a foundation for future generations. Join us in shaping the next chapter for our community!​

Key Points 

• Village Risks:

  • By aligning developer incentives with realized growth, the Village eliminates financial exposure and maintains a sustainable approach to funding.  This is recognized as a pay-go model, whereby all incentives are tied directly to the performance of the TID.
  • All other financial commitments, such as public improvements and administrative costs, are prioritized, ensuring the district's operational needs are met.  

• Performance Bond Requirement:

  • The project requires a performance bond and other financial security from developers to ensure compliance with development agreements​.

• Economic Impact:

  • The District anticipates generating $181.75 million in new incremental value by 2044 from mixed-use developments, including residential, retail, and senior living units​​.

• Planned Developments:

  • Includes a mix of residential and commercial developments:
    • 94 single-family homes, 69 multifamily units, and 105 senior living units.
    • Retail developments estimated to add millions in assessed value​​.

• Public Improvements:

  • Key infrastructure projects include:
    • Knight Avenue sanitary sewer lift station improvements (estimated $1 million total cost, with 50% funded by TID 6 and 10% funded by TID 5).
    • Road, water, and stormwater infrastructure upgrades funded by developer​.

• Downtown Revitalization Program:

  • TID #6 allocates $2.95 million to enhance the downtown area and stimulate business growth​.

• Financial Sustainability:

  • The plan assumes no inflation in tax increment values and aims to pay off all liabilities by 2044, two years prior to TID 6's mandatory closure​.

• Environmental and Land Use Goals:

  • Promotes mixed-use development consistent with the Village’s Comprehensive Plan