The Village of Williamsville reserves the right to prioritize projects and distribute TIF funds at their discretion. Incentives are limited by the amount of TIF funds available.
Business Incentives & Tax Increment Financing (TIF)
TIF funds may be used for costs associated with the development or redevelopment of property within the TIF District, allowing blighted, declining and underperforming areas to again become viable. Designated properties must reside within the TIF District. Click here for the established Williamsville TIF District.
TIF incentives are considered on a case-by-case basis. The Village Board is open to individual requests for assistance. The Economic Development Committee will represent the Village of Williamsville for the review of projects and make recommendations to the Village Board. Once approved by the Village Board, the Village Office administers funds.
The use of TIF funds are restricted by State of Illinois Statute. The eligible uses for TIF funds are provided in the Illinois’ Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 through 11-74.4-11. To learn more about how TIF funds can be used, visit the Illinois Tax Increment Association website at www.illinois-tif.com.
Typical TIF Projects
Business Incentives & Tax Increment Financing (TIF)
TIF funds may be used for costs associated with the development or redevelopment of property within the TIF District, allowing blighted, declining and underperforming areas to again become viable. Designated properties must reside within the TIF District. Click here for the established Williamsville TIF District.
TIF incentives are considered on a case-by-case basis. The Village Board is open to individual requests for assistance. The Economic Development Committee will represent the Village of Williamsville for the review of projects and make recommendations to the Village Board. Once approved by the Village Board, the Village Office administers funds.
The use of TIF funds are restricted by State of Illinois Statute. The eligible uses for TIF funds are provided in the Illinois’ Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 through 11-74.4-11. To learn more about how TIF funds can be used, visit the Illinois Tax Increment Association website at www.illinois-tif.com.
Typical TIF Projects
- The redevelopment of substandard, obsolete, or vacant buildings
- Financing general public infrastructure improvements, including streets, sewer, water, and the like, in declining areas
- Cleaning up polluted areas
- Improving the viability of downtown business districts
- Providing infrastructure needed to develop a site for new industrial or commercial use
- Rehabilitating historic properties
Types of Eligible Costs that TIF funds may be used for:
- The administration of a TIF redevelopment project
- Property acquisition
- Rehabilitation or renovation of existing public or private buildings
- Construction of public works or improvements
- Job training
- Relocation
- Financing costs, including interest assistance
- Studies, surveys and plans
- Marketing sites within the TIF
- Professional services, such as architectural, engineering, legal and financial planning
- Demolition and site preparation
Some restrictions may apply, so review the full Act for the list of TIF-eligible costs.