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Welcome to the TIF Portal: Pages all about Tax Increment Financing, including documents related to the TIF #1 (due to dissolve at year's end), the proposed Prospect and Main TIF, and answers to general questions about this financing tool.  

Upcoming and Recent Events: For a Timeline of TIF Establishment, click here.

January 17:
Second reading of three ordinances related to the adoption of the Prospect and Main TIF. This is a Village Board meeting. Refer to the Village Board Meeting Calendar for details.
To review the ordinances and supporting documentation associated with this meeting, refer to the associated Village Board packet.

January 10: First reading of three ordinances related to the adoption of the Prospect and Main TIF.
To review the ordinances and supporting documentation associated with this meeting, refer to the associated Village Board packet.

December 20: Public Hearing for proposed Prospect and Main TIF District. The public hearing will be held during the Village Board meeting, which begins at 7 PM in the Village Board Room, 50 S. Emerson Street.

November 21: Joint Review Board for proposed Prospect and Main TIF District. View draft minutes of this meeting.

November 9: Prospect and Main TIF Open House.

November 7: Joint Review Board for Downtown TIF District #1 and Joint proposed Prospect and Main TIF District. View minutes of this meeting.

Interested Party Registration: Any Village resident may apply to register as an interested party by completing and submitting a registration application and a copy of a current driver's license, lease, utility bill, financial statement or other evidence acceptable to the Village to demonstrate current Village residency. Click here for registration applications and full details.

 Learn More About TIF:       Quick Links:
   TIF Frequently Asked Questions   UPDATED: Schedule of Establishment for the Prospect & Main TIF
   Village's TIF History and Financial Documents  Downtown TIF No.1 Timeline of Success
   Proposed Prospect and Main TIF  TIF Interested Party Registration (Individuals)

What is Tax Increment Financing?
TIF is a development tool local governments can utilize to make public improvements and attract new development to an area. Tax Increment Financing helps local governments attract private development and new businesses using local resources that do not depend upon an increase in taxes or the reduction of other services. This investment — public and private — means more revenue to help a community meet its other needs.

How Does TIF Work?
When a TIF redevelopment project area (often called a TIF district) is created, the value of the property in the area is established as the “base” amount. The property taxes paid on this base amount continue to go to the various taxing bodies as they always had, with the amount of this revenue declining only if the base declines (something that the TIF is expected to keep from happening) or the tax rate goes down. It is the growth of the value of the property over the base that generates the tax increment. This increment is collected into a Special Tax Increment Allocation Fund for use by the municipality to make additional investments in the TIF project area. This reinvestment generates additional growth in property value, which results in even more revenue growth for reinvestment.

A tax increment is the difference between the amount of property tax revenue generated before TIF district designation and the amount of property tax revenue generated after designation. Establishment of a TIF does not reduce property tax revenues available to overlapping taxing bodies, as the property taxes collected on properties included in the TIF at the time of designation continue to be distributed to them in the same manner as they would if the TIF did not exist. Only the new property taxes generated by the incremental increase in the value of these properties after the TIF is established are available for investment in the TIF.
You can learn more about TIF in Illinois by visiting the Illinois Tax Increment Association website.

Frequently Asked Questions
The Village has compiled a list of questions many people have regarding TIF, including how it works, the impacts TIF could have on other taxing bodies/residents, and the goals TIF can help achieve.

History of the Village's Use of TIF in Downtown
The Village's first TIF (Downtown TIF No.1) was created in 1985 and was amended in 1988, 1993 and 2006. Recently, the Village Board adopted an ordinance dissolving Downtown TIF No.1 at the end of 2016. Learn about the projects completed within this TIF, the financial history and related planning documents.

Proposed Prospect and Main TIF
The Village recently completed a Tax Increment Financing Eligibility Study, and Redevelopment Plan for an area known as the Prospect and Main TIF; this report was announced as available for review at the Village Board meeting on October 4, 2016. The creation of a new TIF district is regulated by Illinois law, and specific deadlines and notifications must be satisfied. Read more about the proposed Prospect and Main TIF and its related public hearing process.

Last updated: 1/10/2017 7:47:22 PM