Tax Increment Finance Districts in Illinois
Illinois law allows municipalities to create Tax Increment Finance Districts as a means to fund improvements in a geographic area of the City which "but for" assistance, would decline in value and general property condition. Information on TIF's can be found on the State of Illinois Tax Increment Finance Association and in this bulletin from the Kane County Clerk's office.
We've created a TIF FAQ page with answers to common questions about TIF districts.
The East State Street TIF DistrictThe City of Geneva is focused on promoting economic redevelopment and increasing business activity along Route 38/East State Street. The East State Street Tax Increment Financing (TIF) District encompasses 24 acres just a half mile east of Geneva's historic downtown.
View the complete East State Street Redevelopment Project Area Tax Increment Financing Eligibility Study here.
Since the TIF district's establishment in 2000, more than 60,000 square feet of new commercial construction has been completed, including Aldi Supermarket, Munchie P's, Dairy Queen, Fox Valley Animal Hospital, CVS Pharmacy, and Riganato Old World Grille.
The City of Geneva seeks other successful businesses to join these prominent retailers and local establishments in creating a vibrant destination and convenience shopping area on the east side to serve this affluent, under served market. For those interested in being added to the ESS Registry, please complete this form.
East State Street TIF: Historical Report
In 1999, the Illinois General Assembly changed the laws regarding TIF reporting and made it a requirement to compile a 10-year report. The East State Street TIF District was grandfathered into previous reporting law and the City is not required to file a 10-year summary. However, the Economic Development Department has decided it would benefit the City to publish one. To view the historical report, please click here.
Key Drivers of Economic Redevelopment
- Affluent population base
- Private-development financial incentives
- Strong demographic profile
- Route 38 traffic count: 26,400 ADT
The original equalized assessed value of the properties in the East State Street TIF District has doubled form $3.2 million to more than $6 million in the first 10 years.
East State TIF Brochure
More information can be found in our TIF Brochure, including redevelopment opportunities, completed projects, and more.