TIF-is a municipal financial incentive tool created by the IL State Legislative in 1978 to assist communities in implementing sound economic development.
| Southgate
Commerce Center - District #1 |
One hundred fifty-three acres located east side of 1-57 with frontage on Cicero Ave. TIF district includes a 406,000 square foot industrial facility (combination office and warehouse) and 53 acres of vacant land remaining for development. The improvements funded by TIF includes utilities, street construction,
landscaping, signage, lighting and site preparation. |
| 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. |
| Matteson Commons - Disctrict #3 |
Two hundred thirty-eight acres located east side of I-57 with frontage on Cicero Ave. 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. |
| Auto Mall - Disctrict #5 |
TIF #5 was established in 2009, which includes approximately 75 acres of property. The improved land consists of commercial uses, including a portion of the development known as the Matteson Auto Mall. The vacant land adjoins industrial, commercial, institutional, agricultural, and recreational uses. Some of the property within the TIF area was developed for automobile dealerships with the design concept of having many dealerships in one location. Some parcels within the auto mall are excluded. |
| Lincoln Highway/Governors Highway - Disctrict #6 |
TIF #6 was established in 2011, which includes 98 acres of property. The TIF area consist of land northwest and southwest of US 30 / Lincoln Highway that extends to Kostner on the south east. The improved land consists of commercial and office uses as well as vacant land that adjoining the commercial and office uses in the redevelopment project area. |
Cook County Property Tax Incentives
| 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. |
State Programs
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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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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