| Sears– District
#2 |
TIF District #2 was established
in 1994, which includes a retail building and approximately
11.358 acres of parking and roadways. The redevelopment
plan called for the rehabilitation of a vacant store to create a viable shopping
site. In 1995 Sears, Roebuck and Company undertook the rehabilitation of
the facility as well as various infrastructure improvements, which is still
occupied today. |
| Southgate
Commerce Center - District #1 |
One hundred Fifty-three acres
located east side of 1-57 with frontage on Cicero Ave.
Tilts district includes a 406,000 square foot industrial
Facility (combination office and warehouse) and 40 acres
of vacant land remaining For development. The improvements
funded by TIF includes utilities, street construction,
landscaping, signage, lighting and site preparation. |
| Matteson Commons - Disctrict #3 |
Two hundred thirty-eight acres located east side of I-57 with frontage on Cicero Ave. as well as all the property between Village Commons and Vollmer Rd. TIF was approved in 1995 as a mixed-use development combining residential, office, hotel, and retail development with a Town Center. The improvements funded by the TIF include infrastructure and storm water management for qualified uses which include office, hotel/motel, entertainment and Village Center uses. |
| Lincoln Highway/ Cicero Ave - Disctrict #4 |
The new Lincoln Highway/Cicero Avenue tax increment financing district encompasses a number of different parcels surrounding and including portions of Lincoln Mall. All the land associated with these retailers and related parking areas as well as the property forming the south boundary are included in the TIF District. The total area encompassed within this redevelopment project area is approximately 125 acres. |
| Class 6b – Industrial Development |
Up to 50% reduction in manufacturing, warehouse or distribution of company’s total property tax bill for 12 years. Renewable. |
| Class 6c – Environmental Cleanup & Development |
Up to 50% reduction in property taxes for 12 years for commercial and industrial redevelopment of Brownsfields. May be combined with Class 6b or Class 8 incentives. |
| Class 7a and 7b – Commercial Development |
Up to 50 % reduction in a company’s total property tax bill for 12 years for projects in redevelopment areas. |
| Class 8 – Industrial or Commercial Development |
Up to 50% reduction in a company’s
total property tax bill for 12 years. This incentive is
for facilities in areas in need of substantial revitalization. |
| Class L – Industrial or Commercial Development |
Up to 50% reduction in property taxes for 12 years, for commercial or industrial rehabilitation of landmark buildings. |
Department of Commerce & Economic Opportunity (DCEO)
www.illinoisbiz.biz |
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Illinois Finance Authority (IFA)
www.il-fa.com |
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Cook County Enterprise
www.enterpriz.org
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State Treasurer’s Economic Programs for Small Businesses
www.state.il.us
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Small Business Association
www.sba.org
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