Tax increment financing is a tool which pledges future incremental increases in taxes to finance the current improvements which will result in those gains. TIF is designed to channel funding toward improvements in areas where development or redevelopment may not otherwise occur. When an area is developed or redeveloped, there is an increase in the value of the property. The increased site value and investment creates more taxable property, which increases tax revenues. The increased tax revenues are the “tax increment.” TIFs pledge the future increased revenue for repayment of eligible costs associated with the improvements. Below is a list of existing TIF districts within the City of Joliet.
• City Center
• Downtown
• Cass Street