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Our Business District has been showing signs of decline for quite some time. A healthy Business District contributes more to property taxes, reducing the pressure on residential property taxes. Improvements have not come on their own and creating a TIF is a way to spur growth. A TIF District is the best tool to achieve the goal of improving the Business District.
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A Tax Increment Financing District (TIF) is an area identified by the Village that is in need of redevelopment due to declining conditions and tax base.
Incremental increases to property taxes from within the district are reinvested in that area in an effort to stimulate improvements.
The goal is to provide a temporary financial stimulus to the redevelopment area that otherwise would not occur.
The planned redevelopment may be in effect for 23 years but can be retired sooner.
A TIF district acts as an economic development tool to encourage revitalization and redevelopment within an area lagging in economic vitality. In a TIF district, the incremental growth in tax revenues based on improvements that grow a TIF District's EAV is directed solely to the TIF District. TIFs require a formal budget and annual audits to track expenditures and activity, which helps ensure that received funds are utilized to improve the district.
The creation of the TIF district doesn't limit the budgets or taxing authority of other taxing bodies, grant the Village new authority to issue bonds, decrease tax revenues from current levels in the TIF District for other taxing bodies, or change the Village's obligation for public meetings, budgeting, and auditing of financial records.