Tax Incremental Financing (TIF) is aimed at eliminating blight, rehabilitating declining property values, promoting industry, or encouraging mixed-use development. There were already other laws in place for these purposes, but lack of incentives and financial resources had stymied efforts to use them effectively. TIF works because it provides its own financing resource. It is basically a financing tool that municipalities can use to promote tax base expansion.
The new tax revenue generated in the district goes to paying for the improvements made for that development to occur or for other projects that will help spur growth within the boundaries. Upon closing, all taxing entities get the larger share of tax revenue that likely would not have occurred without the use of this tool.
The meeting will be held at 6:00 PM at the Village Hall/Public Safety Building located at 3100 Eaton Road.