Tax Increment Financing (TIF) Districts
Tax Increment Financing (TIF) is available for those seeking to redevelop a site. TIF works on the basic principle that the redevelopment of the site will create new revenues for the local taxing bodies as property values rise. The additional revenues are retained within a defined district for a limited period of time to help pay for project costs within that district.
The Village currently has one active TIF district described below. Included are links to the project plans and project plan amendments (if any).
TIF # 2 - Downtown Area
This Village Tax Incremental District (TID), the Downtown Redevelopment Project Area, was approved on September 3, 2015 with an estimated final completion date of December 31, 2038. The 47 acre area includes 110 structures on 99 parcels. This TID was created to revitalize the Downtown as a strong and attractive mixed use corridor.
For more information about potential TIF assistance from the Village, please contact Village Hall at 847-639-3170.