Illinois Tax Increment Finance (TIF) legislation provides a valuable tool to municipalities to support, assist and encourage economic development, redevelopment and improvement projects to a designated area of the community.
Within 180 days after the end of each fiscal year, or as soon thereafter as the audited financial statements become available, the Village must submit its annual TIF report to the Illinois Office of the Comptroller. A TIF Joint Review Board meeting must also be conducted annually.
In compliance with subsection (q) of Illinois Compiled Statutes 65 (ILCS) 5/11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act (Illinois Public Act 85-1142), the Village's independent auditor’s prepare a report to be included with the TIF documents submitted with the State’s report.
The State of Illinois Comptroller’s Office has begun posting annual Tax Increment Financing (TIF) reports. Click here to view the Village’s TIF reports on the Comptroller’s website.
More information regarding the Village’s TIF Districts can be found by clicking here.