Tax Increment Financing TIF
Tax Increment Financing (TIF) is a special funding tool used by the City of Chicago to promote public and private investment across the city. Funds are used to build and repair roads and infrastructure, clean polluted land and put vacant properties back to productive use, usually in conjunction with private development projects. Funds are generated by growth in the Equalized Assessed Valuation (EAV) of properties within a designated district over a 23-year period. (more…)
The city of Chicago along with some of the surrounding counties and local municipalities have adopted the TIF program with certain limitations that vary from one government to the other. In Chicago, small business owners and/or landlords may apply and benefit from the city’s TIF program. In an approved TIF district, a small business owner and/or a landlord may receive a grant from the city for up to 75% of their remodeling/build out cost up to a maximum of $150,000
Gannon Cooper have helped interested clients remodel, upgrade and even build out brand new business using grant funds. The program may assist business owners and landlords achieve their goals using grants, loans and other financial assistance. For more information, call us TODAY at 630-689-4000!