TIF District Grant Program (Illinois)

TIF District Grant Program (Illinois) is sponsored by Local Illinois governments (administered through Tax Increment Financing districts). This program offers funding to small businesses for property repairs and improvements within designated Tax Increment Financing (TIF) districts. Grants support physical upgrades that enhance commercial spaces and contribute to neighborhood revitalization.

Tax Increment Financing District | Woodstock, IL Tax Increment Financing District Tax Increment Financing District Illinois law allows units of local government the ability to designate areas within their jurisdiction as TIF districts.

These specially designated districts are used by local governments as a way to spur economic growth by dedicating the sales tax revenues and additional property tax revenues generated within the TIF for improvements within the district with the hope of encouraging new economic development and jobs. By action of the City Council, the City’s Downtown & Route 47 TIF District (TIF #2) was established in January 2019.

Tax Increment Financing is an economic development tool that was provided to assist local governments in attracting private development and new businesses to their respective communities. Funding for the Tax Increment Financing Fund is derived from the collection of property taxes which are generated by the tax increment for the downtown district.

Tax increments typically include the change in assessed values that result from new construction, remodeling, expansion and over time price escalation for the defined area. These dollars are captured by the TIF district and are restricted for projects that impact the property located within the district’s boundaries.

The use of TIF property taxes to assist with private development not only provides revitalization, which is the goal of the TIF, but also, in turn, generates additional property taxes that can then be used to finance additional improvements or other public projects that benefit the TIF District. At the expiration of the TIF District, property taxes currently collected by the TIF District will shift back to the other taxing districts.

Due to the City’s commitment to redevelopment projects within the Downtown & Route 47 TIF District, the community will continue to thrive as a business and tourism destination for many years to come.

Assistance to private development is limited by the dollars currently held within the TIF Fund and the Fund’s potential revenue generation is determined predominately by collections received in previous years and actual growth in this revenue source.

TIF 3 Redevelopment Plan & Program The City of Woodstock is considering the creation of a new Tax Increment Financing District, referred to as TIF 3 - Downtown Gateway & Station Area, to support reinvestment, redevelopment, and infrastructure improvements in a key area adjacent to Downtown Woodstock.

The proposed TIF 3 Redevelopment Plan & Program identifies the boundaries of the proposed district, evaluates existing conditions, outlines redevelopment goals, and describes the types of eligible improvements and activities that may be supported through tax increment financing over time.

The proposed district is intended to provide the City with a long-term financing tool to help advance public and private investment in an area that includes important redevelopment opportunity sites, infrastructure needs, and properties that are strategically connected to the Downtown Square and the Metra station area.

The proposed TIF 3 Redevelopment Plan and Program is available for public review below: Description of the proposed redevelopment project area Findings related to eligibility under the Illinois Tax Increment Allocation Redevelopment Act Redevelopment goals and objectives Potential public and private improvements Estimated redevelopment project costs Information regarding the anticipated administration of the TIF district The inclusion of a property within the proposed TIF district does not approve a specific project, require redevelopment, or authorize the relocation of any existing public facility.

Any future development proposal, public improvement, redevelopment agreement, property acquisition, or facility relocation would be subject to the applicable public review and approval processes. Public Review & Hearing Process The City welcomes public review and feedback as part of the TIF consideration process.

The proposed TIF 3 Redevelopment Plan & Program will be reviewed through the process required under Illinois law, including a Joint Review Board meeting and a public hearing before the City Council. TIF Redevelopment Plan - Public Hearing Location: Woodstock City Hall, 121 W.

Calhoun Street, Woodstock, IL 60098 At the public hearing, interested residents, property owners, taxing districts, and other stakeholders will have the opportunity to provide comments regarding the proposed redevelopment plan and program. For more information contact the Economic Development Department.

2024 TIF APPLICATION (PDF) TIF Boundary Map TIF Number 2 (PDF) TIF Redevelopment Plan TIF Number 2 (PDF) Redevelopment Agreement 329 Lake Ave (Page 175) May 2019 (PDF) Redevelopment Agreement 220 S Seminary Ave (Page 231) May 2019 (PDF) Redevelopment Agreement 1191 Lake Ave (Page 192) May 2019 (PDF) Redevelopment Agreement 301 N Madison Street (Page 185) September 2019 (PDF) Redevelopment Agreement 220 N Benton Street (Page 147) November 2019 (PDF) Redevelopment Agreement 1270 Lake Ave (Page 260) July 2020 (PDF) Redevelopment Agreement 1760 Kilkenny Ct (Page 173) June 2021 (PDF) Redevelopment Agreement 131 Washington Street (Page 132) September 2021 (PDF) Redevelopment Agreement 235 Washington Street (Page 90) June 2022 (PDF) Government Websites by CivicPlus®