Joint Review Board
Annually the Joint Review Board (JRB) for each Tax Increment Financing District (TIF) must meet to discuss the annual report filed with the State of Illinois. A JRB is initially established when a new TIF is under consideration and the JRB makes a recommendation to the Village Board. The JRB is composed of certain taxing districts affected by the TIF, including representatives from school districts, county, township and the Village.
Joint Review Board Meeting
Tuesday, November 19, 2019 | 2 PM
Village Board Room - 3rd Floor
Agendas and minutes from previous JRB meetings are available in the TIF Document Portal.
TIF Quick Links
- Prospect & Main TIF [Adopted 2017] - Learn about the Village's active TIF district, including the boundary, facts about the Prospect & Main TIF and more.
- Prospect & Main TIF Performance Metrics - Learn what the Village has accomplished within the TIF district thus far.
- Downtown Projects within the Prospect and Main TIF: Updates to construction projects within the TIF, as well as the measurement metrics associated with these developments.
- Downtown TIF No. 1 [Ended 2016]
- TIF Document Portal - Easily access dozens of documents related to TIF, including ordinances, agendas and minutes of Joint Review Board meetings, TIF studies and more. Page updated November 7, 2018.
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.