Galesburg Tax Increment Financing (TIF) Districts

The Tax Increment Allocation Redevelopment Act (65 ILCS 11-74.4-1) allows units of local governments the ability to designate geographic areas within their jurisdiction as TIF districts. TIF is designed to encourage new economic development and jobs through private investment in areas that have proven to be underdeveloped and would not have received such investment "but for" TIF assistance. If an owner or developer has a project in mind, but there is a gap in the financing to get the project done, TIF assistance may be an option. A Developers Agreement is required, which will need City Council approval. TIF is not an increase in taxes. It is only a re-allocation of how they are used. Increases in property taxes experienced by property owners are due to reassessment and rate increases, not TIF. Updated in accordance with Galesburg City Council items: 22-1033 (passed November 7, 2022) dissolving East Main Street TIF 2 22-1034 (passed November 7, 2022) amending Central / East Main Street TIF 4 23-1020 (passed October 2, 2023) adding Grand Avenue TIF 6 23-1032 (passed November 6, 2023) dissolving Regency TIF 3《税收增量拨款再开发法案（Tax Increment Allocation Redevelopment Act，65 ILCS 11-74.4-1）》赋予地方政府单位权限，可将其管辖范围内的特定地理区域划定为税收增量融资区（Tax Increment Financing，以下简称TIF）。税收增量融资的制度设计旨在通过引导私人资本投向经证实存在发展滞后问题、且若非TIF扶持便无法获得此类投资的区域，以此推动新型经济发展与就业岗位创造。若业主或开发方有意推进某一开发项目，但存在项目落地所需的资金缺口，TIF扶持或可成为可选方案。开发方需签订开发协议（Developers Agreement），该协议须经市议会审批通过。TIF并非新增税负，仅为税收收入使用方向的重新调配。物业产权人所承担的房产税税负上调，系因不动产评估更新与税率调整所致，与TIF机制无关。本数据集依据盖尔斯堡市议会相关议案更新：22-1033号议案（2022年11月7日通过），撤销东主街2号TIF区；22-1034号议案（2022年11月7日通过），修订中央/东主街4号TIF区；23-1020号议案（2023年10月2日通过），新增格兰大道6号TIF区；23-1032号议案（2023年11月6日通过），撤销摄政3号TIF区。