Tax Increment Financing
Illinois law allows units of local governments to designate areas within their jurisdiction as TIF districts. These districts dedicate sales tax revenues and additional property tax revenues generated within the TIF, for improvements within the district to encourage new economic development and job creation.
There are 3 TIF districts in Canton. Projects in TIF districts typically include the following:
- Redevelopment of substandard, obsolete, or vacant buildings
- Financing public infrastructure improvements, including streets, sewer, water, in declining areas
- Cleaning up polluted areas
- Improving the viability of downtown business districts; rehabilitating historic properties
- Providing infrastructure needed to develop a site for new industrial or commercial use
For more information regarding Canton’s Tax Increment Financing (TIF) District please contact SRPED Executive Director, Cole McDaniel.