In 1985, the Village of Mount Prospect designated part of the downtown area as a
Tax Increment Financing (TIF) district. TIF is a way for municipalities to
maximize the potential land value of designated underdeveloped areas. To be
designed as a TIF district, the properties in question must meet a specific set
of criteria and a public benefit of a proposed redevelopment plan must be
established.
TIF is one of few remaining economic development tools used by local
governments to revitalize communities. It is a popular and effective tool in
Illinois, used in over 250 cities, and around the country, used in 44 states.
There are approximately 400 TIF districts in Illinois.
If you have any questions about TIF or the downtown redevelopment project,
contact the Planning Division at 818-5328.
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