TIF - Tax Increment Financing

 

"TIF" stands for "Tax Increment Financing," a special tool that the City of Chicago uses to generate money for economic development in a specific geographic area.  TIF allows the City to re-invest all new property tax dollars into the neighborhood from which they came for a 23-year period.  TIF subsidies can go to private developers or for public improvements.  Call ICNC or the City of Chicago's Department of Planning (see the Resource Guide page) to learn more about receiving TIF funds for infrastructure improvements, developments and/or employee training.

TIF dollars can be for infrastructure and other public improvements or to directly subsidize private residential, commercial or industrial development.  TIF funds cannot be used for the "bricks and mortar" costs of construction (except for affordable housing), or for privately owned equipment.

The boundaries of the Kinzie TIF are included in the maps below.  Of the almost 40 Industrial TIFs in the City of Chicago, the Kinzie TIF, designated in 1997, has shown the highest growth.  Diagrammed below are the boundaries of the Kinzie TIF.