Overview
TIF Districts offer the opportunity for municipalities to attract private development and new businesses to areas that have not experienced the level of growth or development expected by the municipality.
What is Tax Increment Financing (TIF)?
Tax Increment Financing, or TIF, is a tool state lawmakers gave local governments more that 20 years ago to help local governments restore and enhance underperforming areas within the community. With this tool, local governments can make the improvements they need, like new roads or new sewers, and provide incentives to attract businesses or help existing businesses expand, without tapping into general funds or raising taxes.
Willowbrook Redevelopment Corridor TIF District
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.
Financial Documents
For financial documents regarding the Village's TIF District, please see Annual Tax Increment Finance (TIF) Report page under Finance.