What is TIF?
Tax Increment Financing, or TIF, is a tool state lawmakers gave local governments more than 20 years ago to help local governments restore areas going through economic change or jumpstart economically sluggish parts of town. With this tool, financially strapped local governments can make the improvements they need, like new roads or new sewers, to attract businesses or help existing businesses expand, without tapping into general funds or raising taxes.
If a TIF District is established, the property tax dollars that are collected annually and distributed to the various taxing bodies is maintained at the current levels. If property in the TIF District increases in assessed value, such as if new development were to occur on vacant property, the additional property tax revenue that is generated by this new development (known as the Increment) will go into the TIF funds to be used for TIF qualified costs such as public improvements.
Village of Oswego Proposed TIF District Overview
The approximately 70-acre area of the Village of Oswego proposed TIF District is intended to facilitate the preparation of vacant and underutilized sites. The sites would be used for new retail, commercial, and residential development, and off-street parking. The TIF would be located within the downtown redevelopment area of the Village. The proposed TIF District is also designed to re-establish the downtown as a vibrant, mixed-use area. It would strengthen the economic well-being and quality of life in the downtown by providing resources for redevelopment. Additionally, it would provide resources for additional parking, streetscaping and landscaping to create a distinct area and to link its diverse land uses. The TIF also would facilitate the improvement and expansion of existing public facilities, such as parks and parking.
June 2, 2016 - Public Meeting
July 8, 2016 - Joint Review Board Agenda Packet
August 16, 2016 - TIF Public Hearing
View the Links below for more detailed information: