Annual Tax Increment Finance (TIF) Report

What is a TIF District?

Illinois law allows a municipality to designate areas within its jurisdiction as Tax Increment Financing (TIF) Districts. The TIF District uses property taxes and/or sales tax revenues generated within the District to fund improvements that encourage economic development. The goal, therefore, is to enhance the value of existing properties and encourage new development within the District.

Financial Reporting Requirements

Within 180 days after the end of each fiscal year, or as soon thereafter as the audited financial statements become available, the Village must submit its annual TIF report to the Illinois Office of the Comptroller. A TIF Joint Review Board meeting must also be conducted annually.

Included with the annual TIF report is a report on compliance with subsection (q) of Illinois Compiled Statutes 65 (ILCS) 5/11-74.4-3 of the Illinois Tax Increment Redevelopment Allocation Act (Illinois Public Act 85-1142) as prepared by the Village's independent auditors.

Willowbrook Redevelopment Corridor TIF District Fund

Formally adopted in early 2022, the Willowbrook Redevelopment Corridor TIF District (Redevelopment TIF) is generally bounded by Illinois Route 83 to the west, 72nd Court to the north, Soper Road and Madison Street to the east, and I-55 to the south. The Redevelopment TIF was implemented to assist in the reuse of underutilized properties for the purpose of stabilizing and increasing the property tax base within the TIF District.

Expired TIF District

The Village's original TIF District expired in 2013. The historical reports are linked below.