What is a TIF?
Tax Increment Financing, or TIF, is a financial incentive tool created by the Illinois State Legislature in 1978. The purpose of TIF is to assist communities that wish to implement sound economic development and combat or prevent blight. TIF helps local governments to restore areas going through economic change and helps to jumpstart development in areas that may be lagging. With TIF, local governments can make needed improvements, like building new roads or extending utilities, to help attract, retain, and support businesses without tapping into general municipal funds or raising taxes.
Once the TIF District is established, the property tax dollars generated from the TIF District and distributed to the various taxing bodies are held constant. If the property in the TIF District increases in assessed value like when there is a new development on vacant land, the additional property tax revenue generated (known as the Increment) goes into the TIF fund to be used for qualified costs such as public improvements. An established TIF District does not fundamentally mean that development or redevelopment will occur, but it does help. Market conditions remain the principal factor driving any development.
TIF Fact Sheet and Frequently Asked Questions
TIF 101, Mahoney Silverman & Cross, LTD
TIF Overview Presentation, Kane McKenna Associates
Village of Shorewood TIF District Overview
The TIF District area consists of approximately 265 acres which include 349 tax parcels and approximately 173 structures. The TIF District includes the eastern gateway to the Village on Jefferson, the southern gateway to the Village on Cottage, the intersection of Jefferson and Rt 59, the area historically known as "The Beach," and parts of the DuPage Riverfront. The TIF District boundaries are centralized around an area that is one of the prime gateway intersections in the Village, Route 52, and Route 59. The Village is seeking to have the District serve as a focal point of community activity. Shorewood desires to have the District redeveloped predominantly as a commercial and retail area with mixed-use residential and a Riverwalk area. The purpose of the TIF District is to promote the revitalization of under-utilized properties located within the Village and the overall improvement of the redevelopment project area. The Village Board approved the TIF District and the necessary ordinances on February 14, 2017. The Towne Center TIF District Core Area Master Plan was approved in 2018.
Joint Review Board
The Jefferson Street and Route 59 TIF District Joint Review Board is a group of taxing body representatives and a public member. The JRB met before establishing the TIF and provided recommendations to the Village Board. The JRB is charged with meeting annually to review the reports submitted to the State of Illinois Comptroller and to advise the Village Board on matters about the TIF District.
Joint Review Board Members:
Joliet Junior College #525
Joliet Township High School District #204
Public Member, Terry Barry
Shorewood Troy Library
Troy Fire Protection District
Troy School District 30-C
Village of Shorewood
The last Joint Review Board's Annual Meeting was held on Tuesday, March 16, 2021. The JRB Annual Meeting Packet - March 16, 2021, includes the Agenda, Packet, and Attendance Information. Minutes of the meeting will be posted upon their review and approval at the subsequent meeting.
JRB Meeting Minutes
TIF District Approval
The Jefferson Street and Route 59 TIF District was approved on February 14, 2017, by adopting the following ordinances.
Ordinance 17-1834 adopted the Tax Increment Redevelopment Plan and Redevelopment Project for the Jefferson Street/Rt 59 Redevelopment Project Area
Ordinance 17-1835 designated the Jefferson Street/Rt 59 Redevelopment Project Area under the Tax Increment Allocation Redevelopment Act
Ordinance 17-1836 adopted Tax Increment Allocation Financing for the "Jefferson Street/Rt 59* TIF" Redevelopment Project Area
Interested Parties Registry
Persons interested in receiving notice of meetings and activities related to the TIF redevelopment project area are invited to register with the Village.