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Just the Facts

Posted on: May 23, 2016

Tax Increment Financing District No. 3 (TIF3)

In 2013, in keeping with the Strategic Plan goal, the Downtown Area Station Master Plan and the Comprehensive Plan, the City began to evaluate and explore a number of economic development incentives that could be used as potential means for creating new funding measures and incentives to economic development in the City’s downtown area.

Because Geneva is a non-home rule municipality, the types of incentives available are limited by state law. Tax increment financing (TIF) was one of a few tools available that was identified as a potential means to spur needed investment. In early 2014, the City engaged the services of SB Friedman Development Advisors to conduct a formal TIF Eligibility Study and Redevelopment Plan and Project for the Geneva Fox River Redevelopment Project Area (TIF 3). The Study concludes that the area qualifies as a “conservation area” under the Illinois TIF statute because at least 50 percent of the structures are 35 years of age or older and qualifying factors have been found to be present to a meaningful extent and reasonably distributed throughout the redevelopment area.

The Joint Review Board (JRB), which consists of representatives from certain taxing districts with authority to directly levy taxes on the property within the Redevelopment Project Area including the City and a public member, selected in accordance with the Act, met in early April 2016 to review the Plan. The JRB has submitted a recommendation to the municipality that the Geneva Fox River Redevelopment Plan and Project and the Eligibility Study satisfied the plan requirements, the eligibility criteria and the objectives of the Act and recommended that the Geneva Fox River Redevelopment Project Area be approved.

Following the JRB meeting, the school district published information and held a public forum on the proposed TIF. The City Council held a Public Hearing to hear a presentation on the Study findings and to receive public comment. The link below is provided to summarize and respond to public statements and questions.The Geneva City Council voted July 25, 2016 to approve the TIF 3 plan. 
City Responses To Public Comment
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Posted on: October 8, 2014