Illinois Tif Redevelopment Agreement

The city enters into “rehabilitation agreements” with companies that either set up in the TIF district or make substantial improvements. Through this agreement, the company undertakes to complete the project and make certain improvements. A company cannot expect the city to participate financially in the project. Decisions are made on a project basis and must obtain the approval of the City Council before staff are able to process support. However, major changes to the recovery plan, which adds land to the TIF district, change land use, change the nature of a TIF or extend the lifespan, increase the number of low-income households to be turned away, take up new sanitation costs or increase the budget by more than 5% in line with inflation, require a new public consultation and all possibilities for public contributions, which were available during the first installation of the TIF district. If, within seven years of the designation of the district, no rehabilitation project has been initiated within a TIF district, the municipality must repeal the TIF. Once the TIF District is complete, the entire tax base, including the increase that paid for improvements, will be available to all tax services for future use. D. “Consideration of project support must be verified to verify compliance with the following requirements: TIF districts create short- and long-term benefits for communities: Illinois` TIF Act allows a TIF district to exist for up to 23 years.

Each TIF district can be terminated earlier if all financial obligations are paid and the city council votes to terminate the district. Illinois law provides three conditions for qualifying areas as TIF districts: If they are considering an area for eviction from the TIF, Mount Carmel officials must ask the question: “Will the same type of private investment be made here without incentive?” Must include at least two of the following six factors that affect the healthy growth of the area, using detection standards comparable to those used for improved areas: must contain at least 5 out of 14 factors that affect it to public safety, health or well-being of the Community. . . .

Close
Menu
Social profiles