IL 83/ Downtown TIF District

Tax Incremental Financing (TIF) is an economic development tool that helps local governments improve historic districts, restore run-down and blighted areas, or jump-start economically challenged parts of town.
When a TIF district is created, the property values for all of the parcels within the district are frozen, creating a base value. As development occurs and property values increase, the overall value of the district increases as well. This new value that is created is called the increment, which is the difference between the current total value and the base value. The increment is collected into a special fund that the Village can then invest back into the district under specific rules. The establishment of a TIF does not reduce property tax revenues available to the overlapping taxing bodies. These taxing bodies continue to collect the property taxes at the base value throughout the life of the TIF. Upon the expiration of the TIF, property taxes continue to be distributed to the school districts, county, community college, and all other affected taxing districts in the same manner as if the TIF did not exist.
More TIF FAQ's

Redevelopment Area: 140 acres (See Il 83/Downtown Boundary Map)
Commercial and residential properties
Seven large parcels of vacant land
One small irregularly shaped parcel
For more details:
Il 83/Downtown Eligibility Report
IL 83/Downtown Q & A

Anne Kritzmire

Trustee