Tax increment financing
About
Tax increment financing (TIF) districts help municipal governments stimulate redevelopment in designated areas. The property tax increment generated from improvements within the district is used to encourage new development in the area.
Types of projects
- Redevelopment of property
- Public infrastructure improvements, including streets, sewer and water
- Site Work
- Building rehabilitation
- Demolition for residential development
Incentive programs
- Housing redevelopment program
- Central and South Central Industrial TIFs
- Can reimburse funds spent on rehabilitation, repair, and/or redevelopment for residential projects (project cannot be started before applying)
- TIF Housing Redevelopment Program Policy
- Application
- Business redevelopment program
- Central and South Central Industrial TIFs
- Can reimburse funds spent on rehabilitation, repair, and/or redevelopment of commercial buildings
- TIF Commercial Rehabilitation Program Policy
- Application
- Contact Todd Hull for more information and to apply, thull@effinghamil.com, 217-342-5300 Ext. 5309
TIF districts
The Effingham Tax Increment Financing Program was initiated in 1987. The City of Effingham has three districts located throughout the community. The creation of the TIF districts has lead to many public infrastructure improvements. The Central Redevelopment Project Area and the South Central Industrial Project Area have a building façade program.
- Central Redevelopment Project Area (2000) - created to upgrade infrastructure in the downtown and the older areas surrounding it.
- Outer Belt West Project Area (2001) - created to assist in infrastructure improvements on the new Outer Belt West
- South Central Industrial Project Area (2003) - established to promote development in the eastern portion of the business park area.