Tax Increment Financing (TIF) Districts- A Tool for Smart Development
The City of North Chicago currently has three tax increment financing (TIF) districts. Each year, after the annual audit is finalized, the Joint Review Board meets to review each TIF district’s annual reports. The Joint Review Board is composed of representatives from each of the public taxing districts in which the TIF districts are located.
What is Tax Increment Financing?
Tax Increment Financing (TIF) is an economic development tool used to spur development or redevelopment of blighted or underperforming areas that would otherwise remain stagnant.
Typical TIF Projects
TIF funds may be used for costs associated with the development or redevelopment of property within the TIF District allowing blighted, declining, and underperforming areas to again become viable. Typical projects include:
- Redevelopment of substandard, obsolete, or vacant buildings
- Financing of public infrastructure improvements, including streets, sewer, water, etc., in declining areas
- Cleaning-up polluted areas
- Improving the viability of downtown business districts.
- Providing infrastructure needed to develop a site for new industrial or commercial use
- Rehabilitating historic properties