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Home  /  Incentives  /  Lake County Incentives & Financing  /  Tax Increment Financing (TIF)

Tax Increment Financing (TIF)

The TIF program is a municipal incentive that provides financial assistance to stimulate private investment is designated areas throughout the county.

Program Details
Purpose: Establishes an economic development tool for local units of government to encourage private investment in specified areas in order to enhance the tax base.
Eligibility:

Expenses eligible for TIF grants include:

  • Land acquisition, site preparation
  • Environmental remediation measures
  • Building rehabilitation and repair
  • Bond financing costs
  • Rehabilitation and remodeling of existing tenant improvements
  • Streets and other public infrastructure improvements
  • Job Training
  • Professional fees related to the redevelopment project
Program Description: The TIF program provides financial assistance to stimulate private investment in designated geographies throughout municipalities. TIF works by capturing the incremental increase in property value brought about by the improvement of the designated area and reinvesting those revenues back into the area.
Term: 23 years
Application Process:

Illinois TIF laws specify a number of requirements that must be satisfied for an area to qualify as a TIF district.

  • Identifying the deteriorated and blighted area(s).
  • Municipal officials and a joint review board made up of representatives from local taxing bodies (including the school districts and the county) must then review a plan for the redevelopment of the TIF area.
  • A public hearing is then held where residents and other interested parties can express their thoughts on the subject.
  • The proposal must then pass through approval by the municipal governing board, and the mayor or village president will then sign the ordinance into law.
  • No state or federal approval is required.
Lake County Communities with Tax Increment Financing Districts:

Village of Bannockburn
Contact: Linda McCullogh, Finance Director
847-395-1000

Village of Barrington
Contact: Peg Blanchard, Director of Economic & Community Development
847-304-3400

Village of Beach Park
Contact: John McIntyre, Economic Development Coordinator
847-746-1770

Village of Deerfield
Contact: Kent Street, Village Manager
847-945-5000

Village of Fox Lake
Contact: Paul Christian, Finance Director
847-587-2151

City of Highland Park
Contact: David Limardi, City Manager
847-432-0800

Village of Highwood
Contact: Bill Balling, Interim City Administrator
847-615-3522

City of Lake Forest
Contact: Catherine Czerniake, Director of Community Development
847-615-4299

Village of Lake Zurich
Contact: Vijay Gadde, Village Planner
847-540-1759

Village of Libertyville
Contact: John Spoden, Director of Community Development
847-918-2028

Village of Lincolnshire
Contact: Robert Irvin, Village Manager
847-883-8600

Village of Mundelein
Contact: Victor Barrera, Director of Community Development
847-949-3200

City of North Chicago
Contact: Nimrod Warda, City Planner
847-596-8670

Village of Round Lake Beach
Contact: David Kilbane, Village Administrator
847-546-2351

Village of Vernon Hills
Contact: Michael Allison, Village Manager
847-367-3700

City of Waukegan
Contact: Ray Vukovich, Director of Government Services
847-599-2514

Village of Winthrop Harbor
Pat DiPersio, Economic Development Coordinator
847-872-3846

City of Zion
Contact: Delaine Rogers, Director of Economic Development
847-746-4015
 
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