~ TAX INCREMENT FINANCING ~

 

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.
 
Property acquisition.
 
Rehabilitation or renovation of existing public or private buildings.
 
Construction of public works or improvements.
 
Job training.
 
Relocation.
 
Financing costs, including interest assistance.
 
Studies, surveys and plans.
 
Marketing sites within the TIF.
 
Professional services, such as architectural, engineering, legal, and financial planning.
 
Demolition and site preparation.