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 paying 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
