In April 2007, Carrier Mills Village Board approved entering an agreement with Bob Vancil and Associates to set up a tax increment finance district in an effort to draw new homeowners and businesses. The TIF district is a chance for the village to increase the quality of life with new houses and incentives for improving houses that are in disrepair. Village Board members described establishing the TIF district as a roll of the dice. Vancil will set up the TIF for $15,000 with $5,000 paid up front. If the Scarlet Lake annexation does not happen and the board learns the TIF will not be of benefit to the village, they will not owe the additional $10,000. Vancil said the village will be responsible for paying $3,000 in legal requirements for the TIF, which include giving notice to all businesses and legal advertising in newspapers.