Tax Increment Financing (TIF) is a mechanism for local governments to stimulate economic development or redevelopment. In a TIF district, taxes generated from new investment are captured and invested back into the area to promote development. TIF can be used as a tool to attract new businesses or help existing businesses expand without tapping into general revenue funds or raising taxes.
EXAMPLES OF TIF-ELIGIBLE EXPENSES
- Land acquisition
- Demolition
- Rehabilitation or repair of existing buildings
- Job training programs
- Relocation costs
- Studies, surveys and plans
- Qualified interest costs
- Professional services such as architectural, engineering, legal, marketing and financial planning
Mendota TIF map
For an application, please contact the City of Mendota:
Phone: 815. 539-7459
Fax: 815.538.7029
Email: EMcConville@mendotacity.com |
