Get IL 50/50 TIFWorks Application - City Of Chicago 2016-2024

Cities use TIF to finance public infrastructure, land acquisition, demolition, utilities and planning costs, and other improvements including sewer expansion and repair, curb and sidewalk work, storm drainage, traffic control, street construction and expansion, street lighting, water supply, landscaping, park ...

State legislation authorizes that TIF funds may be used for the following types of projects: Property acquisition. Rehabilitation or renovation of existing public or private buildings. Construction of public works or improvements. Job retraining programs. Relocation. Financing costs, including interest assistance.

Program Overview The Tax Increment Finance Purchase Rehab (TIFPR) program is a City of Chicago initiative which uses Tax Increment Finance (TIF) funding as a forgivable loan to purchase and rehab vacant 1-4-unit residential properties within active TIF districts that have allocated money to be used for this purpose.

Categories of permissible Redevelopment Project Costs included in the Illinois TIF Act: Costs of studies, surveys, development of plans and specifications, implementation and administration of the redevelopment plan.

The growth of the EAV of property within the TIF district (the increment) is collected into a special fund for use by the municipality to make additional eligible investments in the TIF project areas. The reinvestment generates additional growth in property value, which results in more revenue growth for reinvestment.

TIFs: the potential positives and negatives Pro: TIFs can alleviate some of the burden on developers. ... Con: There may be backlash. ... Pro: TIF districts can grow the tax base. ... Con: Mediation can be a monster. ... Pro: TIF districts can revitalize parts of a city that are in decline. ... Con: The project could go either way.

The majority of TIF Districts in Illinois are established and annually administered pursuant to the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4 et. seq.). ​A TIF District's revenues ("tax increment") come from the increased assessed value of property and improvements that occur within the District.

While it may help relieve some of the risk burden of development, it can be a challenging route to take, and one that isn't guaranteed to lead to success. In the end, only you can know if pursuing a TIF is right for you and your venture.