8/5/2023 0 Comments Download corridor 7 menuThe increase, or increment, can be used to pay back bonds issued to pay upfront costs, or can be used on a pay-as-you-go basis for individual projects. As property values increase, all property tax growth above that amount can be used to fund redevelopment projects within the district. When an area is declared a TIF district, the amount of property tax the area generates is set as a base EAV amount. Funds are generated by growth in the Equalized Assessed Valuation (EAV) of properties within a designated district over a period of 23 years.įunding levels for specific projects are coordinated with area plans and goals. 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. Tax Increment Financing is a special funding tool used by the City of Chicago to promote public and private investment across the city. Description: Kinzie Industrial Corridor Redevelopment Project Area Combined Statement of Revenues, Expenditures and Changes in Fund Balance for the Governmental Fund Year Ended December 31, 2009.
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