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; it is 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 development incentive.
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, north of 63rd Street. 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 worked with the community to approve a TIF 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 reduced federal and state funding, TIF provides an economic incentive mechanism 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, reverse decline, and encourage redevelopment.