Who monitors the TIF process?

The municipality monitors the progress of the TIF district in concert with the Joint Review Board which is made up of representatives from the major taxing bodies. By law the Joint Review Board meets annually to review the progress and status of each TIF.  In addition, an annual report is submitted to the Illinois Comptroller; these reports are available in the State Comptroller's website.

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1. What is a Tax Increment Financing District?
2. What is a "tax increment"?
3. Does TIF result in increased tax rates?
4. What is the “but for” test?
5. How is a TIF district created?
6. What costs are eligible for TIF funding?
7. Who monitors the TIF process?
8. How long is the area designated as a TIF district?
9. Does TIF divert money from schools?
10. What happened during Geneva’s previous TIF district?