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Where is TIF?Where is TIF?What is TIF?What is TIF? TIF by Size of Municipality
TIF by Size of Municipality
TIF ExamplesTIF Examples Future of TIF Future of TIF
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Downstate Economic Summit - 2011Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
Creating a Common VoiceCreating a Common VoiceThursday, September 29, 2011 / 9:30 a.m. – 4:30 p.m.
Thelma Keller Convention Center, Effingham, Illinois
Tax Increment Financing in IllinoisTax Increment Financing in Illinois2:00 p.m. Session2:00 p.m. Session
Steven Kline, PresidentThe Economic Development Group, Ltd.
1701 Clearwater AvenueBloomington, Illinois 61704Email: skline@tifillinois.com
Ph: (309) 664-7777 / Fax: (309) 664-7878
andHerb Klein, PresidentJacob & Klein, Ltd.
925 Shooting Park Rd., Suite APeru, Illinois 61354
Email: hklein@jacobkleinlaw.comPh: 815-223-7550 / Fax: 815-223-7577
www.tifillinois.com
Where is TIF?Where is TIF?What is TIF?What is TIF? TIF by Size of Municipality
TIF by Size of Municipality
TIF ExamplesTIF Examples Future of TIF Future of TIF
TIF is an Economic Development ToolTIF is an Economic Development Tool Program of real estate tax
reimbursements. Signed into law in 1976. Some form of TIF in 49 States. More than 1,000 active TIF Districts in
Illinois with most formed by municipalities under the “TIF Act”:
65 ILCS 5/11-74.4 et .seq.
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Downstate Economic Summit - 2011Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
TIF by Size of MunicipalityTIF by Size of Municipality
What is TIF?What is TIF? Where is TIF?Where is TIF? TIF ExamplesTIF Examples Future of TIFFuture of TIF
1,147 TIF Districts1,147 TIF Districtsin 88 Counties (June 2011)in 88 Counties (June 2011)
418 (36%) TIF Districts in Cook County.418 (36%) TIF Districts in Cook County.
137 (12%) TIF Districts in 5 Collar 137 (12%) TIF Districts in 5 Collar Counties.Counties.
69 (6%) TIF Districts in 6 Downstate 69 (6%) TIF Districts in 6 Downstate Adjacent Counties.Adjacent Counties.
523 (46%) TIF Districts in 76 Downstate 523 (46%) TIF Districts in 76 Downstate Counties.Counties.
SOURCE OF DATA: Office of Illinois State Comptroller, June 2011.SOURCE OF DATA: Office of Illinois State Comptroller, June 2011.
WINNEBAGO
DE KALB
GRUNDYKANKAKEE
KENDALL
BOONE
COOK
DUPAGE
LAKE
KANE
MCHENRY
WILL
Downstate Economic Summit - 2011
ADAMS
ALEXANDER
BOND
BROWN
BUREAU
CALHOUN
CARROLL
CASS
CHAMPAIGN
CHRISTIAN
CLARK
CLAYCLINTON
COLES
CRAWFORD
CUMBERLAND
DE WITT
DOUGLASEDGAR
EDWARDS
EFFINGHAM
FAYETTE
FORD
FRANKLIN
FULTON
GALLATIN
GREENE
HAMILTON
HANCOCK
HARDIN
HENDERSON
HENRY
IROQUOIS
JACKSON
JASPER
JEFFERSON
JERSEY
JOHNSON
KNOX
JO DAVIESS
LA SALLE
LAWRENCE
LEE
LIVINGSTON
LOGAN
MCDONOUGH
STEPHENSON
MCLEAN
MACON
MACOUPIN
MADISON
MARION
MARSHALL
MASON
MASSAC
MENARD
MERCER
MONROE
MONTGOMERY
MORGANMOULTRIE
OGLE
PEORIA
PERRY
PIATT
PIKE
POPE
PULASKI
PUTNAM
RANDOLPH
RICHLAND
ROCK ISLAND
ST. CLAIR
SALINE
SANGAMON
SCHUYLER
SCOTT
SHELBY
STARK
TAZEWELL
UNION
VERMILION
WABASH
WARREN
WASHINGTONWAYNE
WHITE
WHITESIDE
WILLIAMSON
WOODFORD
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
PlaceholderPlaceholderPlaceholderPlaceholderPlaceholderPlaceholderTIF by Size of MunicipalityTIF by Size of Municipality PlaceholderPlaceholder
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Percentage of Municipalities by Population Range with One or More TIF Districts, June 2011 .
SOURCE OF DATA: Office of Illinois State Comptroller, June 2011.
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
PlaceholderPlaceholderPlaceholderPlaceholderPlaceholderPlaceholderTIF by Size of MunicipalityTIF by Size of Municipality PlaceholderPlaceholder
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Total Number of TIF Districts in Illinois by Municipal Population Range, June 2011.SOURCE OF DATA: Office of Illinois State Comptroller, June 2011.
683 TIF DistrictsIn towns of less than 25,000 pop. account for
60% of all TIF Districtsin Illinois.
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
TIF ExamplesTIF ExamplesWhere is TIF?Where is TIF?What is TIF?What is TIF?TIF by Size of MunicipalityTIF by Size of Municipality Future of TIFFuture of TIF
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Illinois TIF Trivia:Illinois TIF Trivia: The largest City in Illinois, Chicago, had 159 Active TIF Districts on record with the Office
of Illinois State Comptroller in June, 2011.
The smallest Village in Illinois hosting 1 TIF District as of June, 2011, was the Village of Sauget, IL (pop. 159) located in St. Clair County.
Of Illinois’ 37 “Metro” Counties, each one is host to at least one TIF District – Cook County has the most with 418; followed by St. Clair County (62); and DuPage County (46).
TIF is present in 77% of Illinois’ 65 “Rural” Counties.
For Fiscal Year 2009, the Office of the State Comptroller reported the total Incremental Equalized Assessed Valuation of all TIF Districts in Illinois was $19,745,778,663 and total TIF Increment Extended was $1,201,493,830.
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
TIF ExamplesTIF ExamplesWhere is TIF?Where is TIF?What is TIF?What is TIF?TIF by Size of MunicipalityTIF by Size of Municipality Future of TIFFuture of TIF
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
TIF ExamplesTIF ExamplesWhere is TIF?Where is TIF?What is TIF?What is TIF?TIF by Size of MunicipalityTIF by Size of Municipality Future of TIFFuture of TIF
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
Future of TIFFuture of TIFTIF by Size of MunicipalityTIF by Size of Municipality
Where is TIF?Where is TIF?What is TIF?What is TIF? TIF ExamplesTIF Examples
Industrial Warehousing - PetSmart, Otttawa, Illinois.
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
“The availability of tax increment financing was a vital tool the City used to bring this $30 million project and its 200+ jobs to the community." -- Mayor Robert Eschbach
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
Future of TIFFuture of TIFTIF by Size of MunicipalityTIF by Size of Municipality
Where is TIF?Where is TIF?What is TIF?What is TIF? TIF ExamplesTIF Examples
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Industrial Redevelopment - Former International Harvester Plant, Canton, Illinois.Industrial Redevelopment - Former International Harvester Plant, Canton, Illinois.
Plant Closed in 1983.
Plant Closed in 1983.
Canton lost 3,000 jobs.
Canton lost 3,000 jobs.
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
Future of TIFFuture of TIFTIF by Size of MunicipalityTIF by Size of Municipality
Where is TIF?Where is TIF?What is TIF?What is TIF? TIF ExamplesTIF Examples
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Manufacturing - Cook Medical, Canton, Illinois.Manufacturing - Cook Medical, Canton, Illinois.
Former International Harvester Site is being redeveloped in Canton, Illinois with help of TIF.
300+ New Jobs and Growing.
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
Future of TIFFuture of TIFTIF by Size of MunicipalityTIF by Size of Municipality
Where is TIF?Where is TIF?What is TIF?What is TIF? TIF ExamplesTIF Examples
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Commercial – Love’s Plaza, Utica, IllinoisCommercial – Love’s Plaza, Utica, Illinois
“Securing Love’s Travel Plaza with TIF increased the Village’s sales tax revenues dramatically, created employment opportunities, and allowed the Village to extend water and sewer utilities to the north side of I-80 for the first time. This utility extension has opened a large area for future commercial and industrial development. “ -Mayor Fred Esmond
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
Future of TIFFuture of TIFTIF by Size of MunicipalityTIF by Size of Municipality
Where is TIF?Where is TIF?What is TIF?What is TIF? TIF ExamplesTIF Examples
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Residential Development:Residential Development:
Glen Ridge West – Silvis, Illinois
Residential Development:Residential Development:
Ridgeview Subdivision – Cambridge, Illinois
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
Future of TIFFuture of TIFTIF by Size of MunicipalityTIF by Size of Municipality
Where is TIF?Where is TIF?What is TIF?What is TIF? TIF ExamplesTIF Examples
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Downtown Revitalization – Sullivan, IllinoisDowntown Revitalization – Sullivan, Illinois• 28 Downtown Façade Projects since 2005 have resulted in $717,000 of new investment leveraged on
$349,000 of TIF funding.
• 13 additional applications received for summer of 2011.
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
Future of TIFFuture of TIFTIF by Size of MunicipalityTIF by Size of Municipality
Where is TIF?Where is TIF?What is TIF?What is TIF? TIF ExamplesTIF Examples
Downstate Economic Summit - 2011
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
TIF Funds Used for Public Improvements TIF Funds Used for Public Improvements Heyworth, IllinoisHeyworth, Illinois
• $6.6 million of “BAB” Bonds were issued in 2010 to finance streets, sewer and water infrastructure improvements.
• Village pledged TIF Funds for repayment of the bonds and receives 35% of the total interest cost back from U.S. Treasury.
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois
TIF ExamplesTIF Examples Future of TIFFuture of TIFTIF by Size of MunicipalityTIF by Size of Municipality
Where is TIF?Where is TIF?What is TIF?What is TIF?
SOURCE: Chicago Tribune, Tuesday, January 18, 2011
What should the future of TIF be in Illinois?
Senate Bill 540 will diminish your town’s ability to use TIF effectively.
Illinois needs competitive tools to attract new private investment and create jobs .
If we don’t use all of the tools available to us, someone else will.
Copyright 2011. The Economic Development Group, Ltd., 1701 Clearwater Avenue, Bloomington, Illinois. All rights reserved.
Downstate Economic Summit - 2011
SOURCE: Chicago Tribune, Wednesday, August 24, 2011
Vital Tools & Resources:Tax Increment Financing (TIF) in Illinois