The village of Roselle currently has three districts TIF, roselle-Nerge TIF, Irving-Central TIF and East Irving Park Road TIF. Historically, the village also had another TIF, the Town Center TIF, which was active from 1989 to 2012. The village uses TIF funding to create incentives through development or rehabilitation agreements, which are used as a project. Each TIF district has its own plan for its rehabilitation zone and annual reports on the progress of each district. Since the federal government and the federal states have sharply reduced their support for local economic development, raising taxes, including raising taxes, helps attract private developments and new businesses with local resources that do not depend on higher taxes or other services. New developments and businesses mean more jobs, more customers and therefore more private investment for the poorest areas. TIF projects also help to preserve existing businesses that may consider relocating areas in decline. These jobs and public and private investments represent more revenue to help a community meet its other needs. As a result, the Community as a whole is improving, not just the territory provided for TIF revenues.
This planning is important because the municipality, by using its own resources to set up the TIF and perhaps securing debts with its own credit, is taking more risks than any other tax district to carry out the project. TIF funds can be used for costs related to the development or rehabilitation of real estate within the TIF, so that devastated, declining and low-performing areas can become viable again and these areas can compete with empty spaces on the periphery of urban areas. As noted above, the implementation of an TIF requires the development and approval of a project area rehabilitation plan. This plan includes an assessment of the area in need of economic support and shows why the area needs to be remediated and how the municipality plans to revitalize it. Increases in real estate values included in downtown Desminat (1989-2012) far exceeded the community average over the same period. In fact, the real estate EAV in the TIF district has grown almost twice as much as real estate in the rest of Roselle. In total, real estate EAV in the village of Roselle increased by 372 per cent between 1989 and 2009, from $231 million to $861 million. TIF town Center properties of 35 hectares have collectively increased by 630 per cent, from $4.3 million in 1989 to $27.5 million in 2009.
For more information on the positive impact of these projects on EAV in the region, see this article in the September/October 2011 issue of Roselle`s newsletter. Once these measures are completed, the proposal to create the TIF District and participate in the financing of tax increases will have to follow the same procedure as any other by-law proposed by the municipality and approved by the municipal legislative body. If approved by the city council, the mayor or local chief can enforce the bylaw. As the implementation of the TIF is a municipal function, no government or federal authorization is required. Eligible uses for TIF funds are provided for by the Illinois Investment Incentives Act, also known as the TIF Act. Illinois` TIF law generally allows TIF funds to be used for: municipalities in Illinois and across the country face many challenges, including economic growth encouraged in devastated, dilapidated and underperforming areas that require development or rehabilitation.