TIF Funding
About Downtown Lockport's TIF District
TIF (tax increment financing) is a tool used by local governments to encourage economic growth within TIF districts by dedicating tax revenue generated within the TIF for improvements within the district. The state allows a TIF district to be in place for up to 23 years. When a TIF district is established, the current value of property within the district is used to establish the "base" tax revenue received by the various taxing bodies (e.g. the village, school district, township, park district, etc.). This base tax revenue continues to be distributed to the various taxing bodies throughout the life of the TIF district. The future growth of property values within the TIF district, and the additional property tax generated by the increased values, is known as the increment. The increment is used by the village to make investments in the TIF district to encourage continued economic growth within the district. Location within a TIF district does not alter the property tax rate for individual property owners.
Tim Schloneger, City Administrator
eMail: tschloneger@lockport.org
Kimberly Jones, Community Development Director
eMail: kjones@lockport.org
For more information on TIF districts, visit the Illinois TIF Associate website.
Downtown TIF District
Created: March 2009
Expires: March 2032