Tax Increment Financing (TIF) Districts
Approximately 4300 acres of the City has been set aside in six TIF Districts. In these areas, redevelopment agreements can be established to allow developers to recoup costs.
City Revolving Loan Fund
The City has funds which are available as a low-interest loan for property acquisition and development by businesses meeting a given set of criteria.
The City has established an enterprise zone to encourage development within the community. Businesses can realize sales tax and real estate tax benefits. The Illinois Valley Chamber of Commerce administers this program for the City.
Redevelopment Incentive Program (RIP)
The RIP is a grant program that provides financial assistance for permanent, exterior building and site improvements for commercial and business-related properties. Permanent improvements must be fixed to the real estate and cannot restrict any future use of the building. Examples include life safety and accessibility code requirements; repair/replacement of structural walls or windows; sidewalks; building façades.