The Village is proposing a Tax Increment Financing (TIF) District in the industrial area (see blow for the map). TIF Districts offer the opportunity for municipalities to attract private development and new businesses to areas that have not experienced the level of growth or development expected by the municipality.
What is Tax Increment Financing (TIF)?
Tax Increment Financing, or TIF, is a tool state lawmakers gave local governments more that 20 years ago to help local governments restore and enhance underperforming areas within the community. With this tool local governments can make the improvements they need, like new roads or new sewers, and provide incentives to attract businesses or help existing businesses expand without tapping into general funds or raising taxes.