PoTAX INCREMENT FINANCING (TIF) DISTRICT
Pursuant to Section (65 ILCS 5/11-74.4-4(b)) of the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4 et. seq.), municipalities may make and enter into contracts with private developers to induce redevelopment projects which are necessary or incidental to the implementation and furtherance of its redevelopment plan and project. Municipalities may also, under certain conditions, incur project redevelopment costs and reimburse developers who incur redevelopment project costs which are authorized by a redevelopment agreement (65 ILCS 5/11-74.4-4 (j)).
Private developers seeking reimbursement of TIF eligible redevelopment project costs are required by the municipality to complete this application allowing the municipality to adequately determine the developer’s
eligibility for assistance from the Tax Increment Financing (TIF) District.
The Village currently has seven active TIF Agreements with Glenn McKean, Sleep Inn, Baymont Inn, Johnson & Wright, Bartlett Grain, Antonia Alfano/Family Gardens, and Love’s Travel Stops & County Stores.