Tax Increment Financing Districts

Tax Increment Financing Districts

Tax Increment Financing (or TIF) is a state enabled tool used by municipalities to reduce or eliminate blighting conditions, foster improvement, and enhance the tax base of every taxing district which extends into the area. Tax Increment Financing provides for redevelopment that would otherwise not occur without the support of public investments. This tool allows the City to capture the increase in state and local property tax that result from a redevelopment which also contributes to the TIF fund. The City is required to prepare a redevelopment plan for each district which identifies uses for the TIF fund.  Money collected in this fund may only be used on projects within the boundary of the district.

TIF Districts Map


Downtown TIF – expires December 15, 2017

Available Incentive Programs


East University Avenue TIF – expires December 16, 2022

Available Incentive Programs


North Campustown TIF – expires February 5, 2025

 


 North Mattis Avenue TIF (PROPOSED)

 

To view Annual Financial reports visit the Illinois Comptrollers Office Division of Local Government