URBANA, Ill. – Tax Increment Funding (TIF) provides a way for municipalities to spur economic growth and make infrastructure improvements in qualifying economically stagnant or physically declining areas, designated as TIF districts.
TIF districts reallocate property tax funds while freezing property values in the area for extended periods of time. There are 1,493 TIF districts in more than 500 municipalities in Illinois, according to a 2020 report from the Illinois State Comptroller's Office.
Local leaders seeking small business development options in their Illinois communities can learn how they can use TIF funds to bolster local economies in a free, online session co-hosted by University of Illinois Extension and Rural Partners.
Register in advance for the session held at noon (CT), Wednesday, June 16: go.illinois.edu/TIFfundamentals
Presenters Steve Kline and Herb Klein will deliver an overview of TIF fundamentals and provide examples of innovative ways TIF funding can support small businesses. Participants will have the opportunity to ask questions as the session concludes.
Kline and Klein serve respectively as presidents of The Economic Development Group, Ltd. and Jacob & Klein, Ltd., who work in tandem as TIF Illinois, specializing in the creation and administration of Tax Increment Financing Districts, Business Development Districts, and other economic development tools available to municipalities located throughout the State of Illinois.
SOURCE: Nancy Ouedraogo, Community and Economic Development Specialist, University of Illinois Extension
ABOUT EXTENSION: Illinois Extension leads public outreach for University of Illinois by translating research into action plans that allow Illinois families, businesses, and community leaders to solve problems, make informed decisions, and adapt to changes and opportunities.