Business > Economic Development
The following PDF files are available for download
regarding new TIF District information (note: these are large
The Village of Wheeling has established four Tax Increment Financing Districts: Crossroads (in 1985)*, South Milwaukee - Manchester (in 2000), North Milwaukee - Lake Cook (in 2003) and the Town Center (also in 2003).
Tax Increment Financing (T.I.F.) is an instrument created by the State of Illinois to promote the economic development or redevelopment of high priority areas within a community, which meet specific State designated criteria. T.I.F.'s are financed through a portion of property tax in the given district, dedicated to pay for redevelopment activities through:
In the creation of these districts, the Village of Wheeling's objectives include:
Each district expires at the end of its 23 year life.
In a T.I.F. district, incremental property tax, that is tax above a designated threshold, goes entirely to the municipality. This increment is dedicated to the payment of redevelopment costs. In short, anticipated increase in real estate tax revenues from property development and improvement are used to finance the improvements themselves. At the end of the T.I.F. district 23 year life, all real estate tax revenues, including increments generated, are again shared proportionately by the taxing bodies based on their individual tax rates.
To begin the process of making application for T.I.F. district financing, a property owner or prospective property owner should request a T.I.F. Application Checklist and Project Application/Project Description from the Village of Wheeling Economic Development Department. Completion of this form will help the owner/applicant develop a pro forma indicating all costs associated with the proposed development, as well as anticipated revenues derived from operation of the proposed development. Village of Wheeling staff is available to meet with applicants during the application process to discuss the appropriateness of the scope of the proposed schematic development with regard to zoning, other Village legislation and application details. Once the Project Application is finalized, the Village can better ascertain the degree of incentive suitable to the proposed development.
To receive the T.I.F. Application Checklist and Project
Application/Project Description, please contact:
*Crossroads District extended until 2020