Depending on the development location, incentive programs may include Business District, Downtown TIF, Industrial TIF and Enterprise Zone.
TIF stands for Tax Increment Financing. A tax increment is the difference between the amount of property tax revenue generated before TIF district designation and the amount of property tax revenue generated after the TIF designation.
Only property taxes generated by the incremental increase in value of TIF district are available for TIF projects. Tax rates do not change when a TIF is created. TIF districts do not increase taxes.
The Village has a full array of development tools to assist in the construction of new retail and commercial buildings, including but not limited to, the following: