Tax Increment Financing (TIF) helps municipal governments stimulate redevelopment in a designated area. Using this financing tool, the City can reimburse developers for certain expenses using the property tax revenue that new development in the TIF district generates. Expenses eligible for reimbursement include:
- Architectural, engineering, legal, environmental, financial, planning, and other services
- Cost of financing during construction
- Costs of rehabilitation, reconstruction or repair, or remodeling of existing buildings, fixtures, and leasehold improvements
- A portion of the interest cost incurred by a developer related to the construction, renovation, or rehabilitation of a redevelopment project
- Property assembly costs, including the acquisition of land, demolition of buildings, and site preparation
Notice of Public Meeting Regarding Residential TIF Housing Impact Study
The City of Carbondale will consider the use of tax increment financing, as provided for in the Illinois Tax Increment Allocation Redevelopment Act (the "Act"), to create economic development by amending the existing Illinois-University Corridor Tax Increment Financing District #2 ("TIF District #2") to include additional portions of the City (the "Amended TIF Area"). Per TIF Act guidelines, a Housing Impact Study is required as part of the process of establishing the Amended TIF District Area.
A public meeting will be held regarding the Housing Impact Study on Wednesday, February 2, 2022, at 5:30 p.m. Due to the COVID-19 pandemic, the public meeting will be remotely accessible, utilizing Zoom. Citizens seeking to participate in the public meeting through Zoom as an attendee can register at https://us02web.zoom.us/meeting/register/tZwuf-GvqD0oG9Ey4CqWudUIloH8OcWTHVlq. The meeting is for the discussion of the Housing Impact Study, a report regarding the status of housing and occupancy within the Proposed Area. Therefore, this Notice has been sent to all property owners in the Amended TIF Area, and to each of the affected taxing districts.
The full report, including both the Eligibility Study and Housing Impact Study, can be downloaded here.
There are three TIF Districts in Carbondale.
Click here for an interactive map showing all three TIF Districts.