Throughout the proposed Prospect and Main TIF establishment process, the Village has received questions and input from various community stakeholders.
The questions below are answered in this TIF FAQ's Document.
- Is there risk involved in establishing and maintaining this TIF? If so, who bears that risk?
- How do you measure the success of a TIF?
- Do all TIF’s succeed?
- Did the previous downtown area TIF succeed, and if so, how is that apparent?
- Will the establishment of the TIF require the Village to take out loans?
- What are the administrative costs of the TIF and how will they be paid?
- How do you know development would NOT take place in these areas in the absence of a TIF?
- How will this affect businesses outside the TIF if they don’t receive the tax breaks those inside the TIF will?
- How much tax burden will be shifted to surrounding businesses and property owners during the life of the TIF?
- How will this affect the tax revenue our schools demand? Will that revenue be reduced and is so will the schools budget be reduced or will other taxpayers be required to pay more to meet those demands?
- Why is choosing geographical winners and losers by creating a TIF… a better idea than just slightly reducing taxes for all businesses within Mount Prospect?
Email us with questions you would like answered about the Village's proposed Prospect and Main TIF.