Tax Increment Financing (TIF) is a financing technique that helps municipal governments stimulate redevelopment in a designated area. Using this financing tool, the City can reimburse developers for certain expenses using the property tax revenue that new development in the TIF district generates. Expenses eligible for reimbursement include
Architectural, engineering, legal, environmental, financial, planning, and other services
Property assembly costs, including acquisition of land, demolition of buildings and site preparation
Costs of rehabilitation, reconstruction or repair or remodeling of existing buildings, fixtures and leasehold improvements
Cost of financing during construction
A portion of the interest cost incurred by a developer related to the construction, renovation or rehabilitation of a redevelopment project
Reimbursement is approved by the City Council through a redevelopment agreement.
Please contact the Economic Development Department for detailed information.
402 N Main St
Pinckneyville, Illinois 62274