|
Wheeling's Four Tax
Increment Financing Districts
The following PDF files are available for download
regarding new TIF District information (note: these are large
PDF files):
North
TIF District Eligibility Report
North
TIF Further Amended Development Plan
Southeast
TIF District Eligibility Report
Southeast
TIF District Redevelopment Plan
Tentative
Timetable for Southeast TIF District
Frequently
Asked Questions - TIF Districts
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:
- Financing of public improvements, and
- Providing economic incentives to businesses that will undertake
improvements to parcels of land in the district.
In the creation of these districts, the Village of Wheeling's
objectives include:
- Strengthening of the community's tax base
-
Upgrading of the appearance of the Milwaukee Avenue and Dundee
Road corridors, as well as the area around the Wheeling Metra
Station
-
Creating infill development/redevelopment in vacant and
underutilized properties
-
Improving transportation for
property access and through traffic
-
Improving aesthetics
in all of the districts
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, contact Michael Mondschain at
847-459-2604.
*Crossroads District extended until 2020
Government
| Services | Community
| Development
| Reference
Desk
Search | Site Map
| Home
The Village of Wheeling,
Illinois
255 West Dundee Road
Wheeling, IL 60090
(847) 459-2600
Click here to send feedback
to the Village of Wheeling.
All information © 2007 Village of Wheeling, Illinois
Site Use
Policy
Site Design/Development by
|
