For more information, contact Eric Voyles, Vice President of National Business Development, at 815.987.8118 x106 or Mark Podemski, Vice President for Development, at 815.987.8118 x124.  You can also reach Eric by eMail (evoyles@rockfordil.com) and Mark by email (mpodemski@rockfordil.com) or write information@rockfordil.com for general assistance.


In 2010, the Gross Metropolitan Product of the Rockford Region grew 3.5 % to $11 billion.

For Expanding Businesses



Tax Increment Financing (TIF) Districts

The TIF process involves issuing bonds to finance private and public investment in an area that is considered blighted and depressed.  The city issues the bond and is allowed to pay it back with the increase in local property taxes that result from the improved status of the property.  The assumption is that the redevelopment will provide new and added value, an increment, which can be used to pay back the bond which financed some of the site improvements.

 

Illinois TIFs

  • Illinois’ law stipulates that the districts cover only “blighted” or “conservation” areas where development would not occur ‘‘but for” the presence of the district.
  • Only municipalities have the authority to set up TIF districts.
  • Illinois allows TIFs to remain in effect for 23 years.
  • Municipalities are required to file a detailed annual TIF report with the Illinois Department of Revenue and the State Comptroller’s office.

 

Authorized uses of TIF funds include

  • Land acquisition
  • Building demolition
  • Rehabilitation or repair of existing public or private buildings
  • Construction of public works or improvements
  • Site preparation
  • Job retraining programs
  • Relocation
  • Financing costs, including interest assistance
  • Studies, survey and plans
  • Professional services such as architectural, engineering, legal, marketing and financial planning
    Source: Illinois Tax Increment Association; Illinois Department of Commerce and Community Affairs

 

Existing Rockford TIF Districts

  • Eastside TIF
  • Garrison School TIF
  • Hope VI Focus Area
  • Kishwaukee/Harrison Plan & Project Area #1 TIF
  • Lincolnwood Estates I TIF
  • Lincolnwood Estates II TIF
  • North Main Street & Eddy Avenue TIF
  • River Oaks TIF
  • Rockford Global Trade Park TIF
  • Seventh Street TIF
  • Southeast Affordable TIF
  • South Rockford TIF
  • Springfield Corners Redevelopment TIF
  • Westside TIF 3-24-06

 

Click here for more information about the City of Rockford,  Community Development Department, Economic Development Divison and Tax Increment Financing Districts (TIFs)


Contact Information

Rob Lamb - Industrial and Large Back Office Projects
City of Rockford, Community Development Department
425 East State Street
Rockford, IL 61104

815.967.6729
815.967.6933 fax

rob.lamb@rockfordil.gov
http://www.rockfordil.gov/government/community

Rockford Area Economic Development Council
100 Park Avenue, Suite 100
Rockford, IL 61101

815.987.8118
815.987.8129 fax

information@rockfordil.com
http://www.rockfordil.com

Eligible Locations

City of Rockford

Additional Information

TIF Districts.pdf  (103.7kb)

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