TIF Districts

The Village of Wheeling has established 5 Tax Increment Financing (TIF) Districts:
  • Crossroads (in 1985; extended until 2020)
  • South Milwaukee - Manchester (in 2000)
  • North Milwaukee - Lake Cook (in 2003)
  • Town Center-II (in 2014)
  • Southeast-II (also in 2014)

About TIF


TIF is an instrument created by the State of Illinois to promote the economic development or redevelopment of high priority areas within a community, which meet specific State designated criteria. TIF's are financed through a portion of property tax in the given district, dedicated to pay for redevelopment activities through:
  • Financing of public improvements
  • Providing economic incentives to businesses that will undertake improvements to parcels of land in the district

Village Objectives


In the creation of these districts, the Village of Wheeling's objectives include:
  • Creating infill development/redevelopment in vacant and underutilized properties
  • Improving aesthetics in all of the districts
  • Improving transportation for property access and through traffic
  • Strengthening of the community's tax base
  • Upgrading of the appearance of the Milwaukee Avenue and Dundee Road corridors, as well as the area around the Wheeling Metra Station

Expiration


Each district expires at the end of its 23 year life.

Incremental Property Tax


In a TIF district, incremental property tax, that is tax above a designated threshold, goes entirely to the municipality. This increment is dedicated to the payment of redevelopment costs. In short, anticipated increase in real estate tax revenues from property development and improvement are used to finance the improvements themselves. At the end of the TIF district's 23-year life, all real estate tax revenues, including increments generated, are again shared proportionately by the taxing bodies based on their individual tax rates.

Applying for TIF District Financing


  1. To begin the process of making application for TIF district financing, a property owner or prospective property owner should request a TIF Application Checklist and Project Application/Project Description from the Village of Wheeling Economic Development Department.
  2. Completion of this form will help the owner/applicant develop a pro forma indicating all costs associated with the proposed development, as well as anticipated revenues derived from operation of the proposed development.
  3. Village of Wheeling staff is available to meet with applicants during the application process to discuss the appropriateness of the scope of the proposed schematic development with regard to zoning, other Village legislation and application details.
  4. Once the Project Application is finalized, the Village can better ascertain the degree of incentive suitable to the proposed development.

Obtaining the Forms


To receive the TIF Application Checklist and Project Application/Project Description, please email the Department of Economic Development or call 847-459-2605.

More Information


For more information about Tax Increment Financing visit the Illinois Tax Increment Association website and their page specifically about TIF.