Tax Increment Financing Districts
“TIF” stands for “Tax Increment Financing” which is a special tool that Illinois cities and villages can use to generate money for economic development in a specific geographic area. These funds can be spent on public works projects or given as subsidies to encourage private development. Most importantly, TIF also makes it much easier for the city or village to acquire private property by eminent domain to make way for new development.
In the event your property is designated as part of a TIF District, it is important that you obtain all of the documents supporting the TIF designation. In the event your property is slated for acquisition, it is important that you consult with a knowledgeable attorney regarding your rights and options. The attorneys at Helm & Wagner have experience challenging and defending the validity of existing TIF Districts. We also have experience dealing with the various expert consultants that work on TIF Districts. If your property is scheduled for acquisition as part of a TIF redevelopment project, we encourage you to contact our office for a consultation. We would be glad to discuss how we can work to protect your rights under these circumstances.