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Tax Increment Financing
Illinois statute provides for municipalities to designate areas TIF districts. These areas qualify for designation by suffering from such factors as blight, obsolescence, deterioration, inadequate utilities, deleterious land-use, declining land value, among others.

TIF districts are created to assist in the redevelopment of a particular area. A baseline for property taxes is developed. All taxing bodies still receive the same amount of property tax revenue as before the TIF district was designated. Also, no additional taxes are placed on properties in the TIF district. As improvements are made to a property its value increases. The difference between the increased value and the baseline is the increment. The increment is used by the local government to make public improvements to the redevelopment area.

The funds for the public improvements can be made available either by issuing bonds at the beginning of the project or distributing the increment as it becomes available every year.

In order for a project to qualify for TIF financing, the developer has to prove that “but for” public assistance the project would not move forward. There must be a number of impediments that make the project impractical without public assistance. The City has developed a process to ensure that public monies requested are indeed necessary.

Joint Review Board Meetings

View minutes from Joint Review Board meetings:

Illinois Tax Increment Association
Visit the Illinois Tax Increment Association website.

Interested Parties Registration Form