The Village currently has 4 TIF Districts:
The Village Board formally adopted the Busse/Elmhurst Road TIF on March 11, 2014. The following links provide information regarding the Busse/Elmhurst Road TIF Redevelopment Plan and Project.
The Village Board formally adopted the Higgins Road Corridor TIF on November 14, 2017. The following links provide information regarding the Higgins Road Corridor TIF Redevelopment Plan and Project.
FREQUENTLY ASKED QUESTIONS ABOUT TAX INCREMENT FINANCING
1. What is tax increment financing (“TIF”)?
Tax increment financing allows local municipalities to freeze the Assessed Value of the property within the TIF District and to use any potential new money the project generates to pay for certain costs. Only those costs stated in the TIF law can be paid with TIF funds.
2. Can all property be in a TIF district?
No. To use TIF, the area must meet very detailed criteria set out in the TIF law and must qualify as a blighted or conservation area.
3. Do TIF districts hurt the school districts?
No--TIF Districts encourage long term growth to support a healthy tax base to support local government services.
TIF districts are a tool to attract redevelopment to areas where the tax base is declining. New commercial development revitalize and grown the tax base for the future. A healthy, growing tax base is what allows schools and other taxing districts to continue to provide services to residents without needing to increase their property tax rate.
When the assessed value of an area is in decline, schools collect less and less money each year. TIF Districts freeze the assessed value, so that schools continue to collect the same taxes they have always collected, even if the assessed value continues to decline.
4. Is there some other way to attract development without TIF?
Illinois municipalities have very few tools to attract and keep development. Eventually, all of taxing districts benefit from the increased assessments as a result of redevelopment projects.