Typical TIF Projects
TIF funds may be used for costs associated with the development or redevelopment of property within the TIF, allowing blighted, declining and under-performing areas to again become viable, and allowing these areas to compete with vacant land at the edge of urban areas.
Typical projects include:
The redevelopment of substandard, obsolete, or vacant buildings.
Financing general public infrastructure improvements, including streets, sewer, water, and the like, 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.
Types of Eligible Costs
The eligible uses for TIF funds are provided in Illinois’ Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 through 11-74.4-11): the TIF Act.
The Illinois TIF Act generally authorizes that TIF funds may be used for:
The administration of a TIF redevelopment project.
Rehabilitation or renovation of existing public or private buildings.
Construction of public works or improvements.
Financing costs, including interest assistance.
studies, surveys and plans.
Marketing sites within the TIF.
Professional services, such as architectural, engineering, legal and financial planning.