Tax Increment Finance Districts
Tax Increment Finance Districts (TIF)Typical TIF Projects
TIF funds may be used for costs associated with the development or redevelopment of property within the TIF, allowing blighted, declining and under-performing areas to again become viable, and allowing these areas to compete with vacant land at the edge of urban areas.
Typical projects include:
- The redevelopment of substandard, obsolete, or vacant buildings.
- Financing general public infrastructure improvements, including streets, sewer, water, and the like, in declining areas.
- Cleaning up polluted areas.
- Improving the viability of downtown business districts.
- Providing infrastructure needed to develop a site for new industrial or commercial use.
- Rehabilitating historic properties.
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:
- The administration of a TIF redevelopment project.
- Property acquisition.
- Rehabilitation or renovation of existing public or private buildings.
- Construction of public works or improvements.
- Job training.
- Financing costs, including interest assistance.
- studies, surveys and plans.
- Marketing sites within the TIF.
- Professional services, such as architectural, engineering, legal and financial planning.
- Demolition and site preparation.
TIF Districts Map
O-61-2011 Establishment of TIF Parties Registry
Active Bensenville TIF districts:
- TIF IV – Grand Avenue / County Line Road
- TIF V – Heritage Square
- TIF VI – Route 83 and Thorndale
- TIF VII – Irving Park and Church
- TIF XI – Grand and York
- TIF XII – Northern Business District