~ 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:

 

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