Tilton, Illinois

Details

Category: Tax Increment Financing (TIF)

MED recently completed the Tilton TIF District III Redevelopment Plan and Project. This TIF Project consists of properties that were formerly in TIF District I, but had not developed as the Village had originally intended. With a new interchange project on the horizon, these properties were extracted from TIF I to accommodate the development in the area and allow for an extended timeline past the expiration of TIF I.

MED assisted with the establishment of the second TIF District in the Village as well. One of the primary goals of this Redevelopment Plan and Project is the rehabilitation of the industrial property north of Interstate 74, as it contains conditions which are significant barriers to the redevelopment of the Area.

Prior to the establishment of TIF II and TIF III, MED worked with the Village on the extension of the Tilton Tax Increment Financing Area I an additional 12 years, with a total lifespan of 35 years. The Village also amended their Redevelopment Plan to incorporated additional properties and new goals and objectives for the project area, including major street upgrades and development of new interstate commercial development.