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TIF District Information
TIF District Information
Tax Increment Financing (TIF) is a redevelopment tool authorized by State statute to help revitalize commercially distressed areas. TIF is NOT a new tax, but instead a reallocation of tax revenue that assists business districts for a limited time period in a specific area. TIF districts encourage private investment and ultimately improve the community's tax base. Improvements may include private development and infrastructure upgrades.
A TIF district permits Westmont to be competitive with neighboring
communities that have had proven success with this economic
South Westmont Business District (SWBD)
In March 2013, the Village of Westmont approved the creation of a TIF in the South Westmont Business District. Located in the southern portion of our community, this business district encompasses the properties near the intersection of 63rd Street and Cass Avenue. The main goal of the SWBD is to revitalize the retail commercial areas within this corridor.
SWBD TIF FAQ
Central Business District (CBD)
In 2013, the Village of Westmont is working with the community to get a TIF approved in the Central Business District. This project focused on our downtown along Cass Avenue from Naperville Road to Dallas Street, along Burlington Avenue from Williams Street to Wilmette Avenue, Quincy Street from Williams Street to Richmond Avenue, and Naperville Avenue/Chicago Avenue between Grant Street and Blackhawk Drive.
TIF Information and Guidelines
Tax Increment Financing (TIF) is a one of the few tools a municipality has to actively address areas of distress.With the reduction in federal and state funding, TIF providesan economic incentive mechanisms where a municipality can provide financial assistance in the effort to revitalize older parts of the community. TIF provides the opportunity to make infrastructure and other investments in distressed areas, intended to reverse decline, and more importantly, encourage redevelopment.
Tif information and FAQ
Central Business District TIF
Public Hearing on
May 2, 2013
Date Issued: April 25, 2013
The Village of Westmont has scheduled a public hearing on May 2, 2013 pertaining to the Central Business District (CBD) Tax Increment Financing (TIF) proposal. The hearing will be at 7 p.m. at Village Hall, 31 W. Quincy. This public hearing will take place during the regular Village Board meeting.
Tax Increment Financing (TIF) is one of the few tools a municipality has to actively address areas of distress. With the reduction in federal and state funding, TIF districts can provide an economic incentive to catalyze development activity and strengthen commercial corridors. TIF districts provide the opportunity to make infrastructure and other investments in distressed areas, and is intended to reverse decline and encourage redevelopment.
The Central Business District (CBD), which generally encompasses properties in the downtown area along Cass Avenue, Burlington Avenue, Quincy Street, Naperville Road, and Chicago Avenue, has been targeted as an area that would benefit from economic and commercial revitalization.
For more information regarding this meeting and topic, contact Community Development Director Shannon Malik at
or call 630-981-6264.
TIF Public Hearing date set for December 13, 7 PM at Village Hall
Over the past year, the Village of Westmont has been researching the possibility of creating a Tax Increment Financing (TIF) District for the South Westmont Business District (SWBD). On Oct. 14, 2012, the Village of Westmont adopted an ordinance to set the time and date of a public hearing regarding a proposed TIF District to be generally located at the intersection of Cass Avenue and 63rd Street.
Pursuant to the proposed Redevelopment Plan and Project, the Village proposes to facilitate redevelopment of the Redevelopment Project Area by incurring or reimbursing eligible redevelopment project costs, which may include, but shall not be limited to, studies, surveys, professional fees, property assembly costs, construction of public improvements and facilities, building and fixture rehabilitation, reconstruction, renovation and repair, financing costs and interest costs, all as authorized under the Tax Increment Allocation Redevelopment Act, as amended.
The Redevelopment Plan and Project proposes to provide assistance to new development and improvements to existing properties by paying for all or a portion of costs related to site assembly, façade enhancements, rehabilitation, environmental analysis, professional services, public improvements and facilities, including streetscape enhancements, water and sewer improvements, street lighting and landscaping, and the payment of financing and interest costs.
Per State Law, all residents within 750 ft. of the proposed TIF district are being notified that the proposed Redevelopment Plan is on file and available for public inspection at the office of the Community Development Department at Village Hall, 31 West Quincy Street, Westmont, Illinois, 60559. A Public Hearing is scheduled for Thursday, December 13, 2012 at 7:00pm at the Westmont Village Hall.
Any person who has a disability requiring a reasonable accommodation to participate in the meeting should contact Mr. R.R. Searl ADA Compliance Officer, phone: 630-981-6200 or TDD: 630-981-6300 within a reasonable time before the meeting.
Village of Westmont
31 W. Quincy St., Westmont, IL 60559
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