Tax Increment Financing (TIF) is a special economic development and funding tool used by the City of Decatur to promote public and private investment across the city. The purpose of establishing TIF districts is to spur economic development in areas that have experienced deterioration and where there has been inadequate investment in the past. The ultimate goal is to restore and enhance the tax base in the area.
To pay for certain redevelopment project costs, TIF utilizes the increase in real estate taxes (“tax increment”) resulting from the growth of Equalized Assessed Value (EAV) of properties within the designated TIF district. The establishment of TIF districts DOES NOT raise taxes, and it does not reduce the current amount of property taxes received by other local taxing bodies (such as the school district). Funds are often used to build and repair roads and infrastructure, clean up properties, and put vacant/abandoned properties back to productive use.
The City of Decatur currently has six (6) TIF districts. Learn more about TIF in this video, and on this page from the Illinois Municipal League, and this information is about TIF districts in Illinois.
The City of Decatur is considering the possibility of adding a TIF redevelopment plan for an area we are calling the Central TIF Redevelopment Project Area. The proposed area is shown in the map below.
The main section of the Project Area is generally bounded by Fairview Avenue to the west, Waggoner Street to the north, the railroad tracks on the edge of Downtown to the east, and Decatur Street to the south. Fairview Plaza and the Colonial Mall are also included in the proposed TIF District, as well as a section of the City near Millikin University. Excluded from the area are several blocks south of Grand Avenue between N Edward and N Main Streets, as well as the majority of the area between Church and Haworth Streets on the south side of North Street, which is located within the existing Olde Towne TIF. This preparation of the Plan and designating the Project Area would be done in accordance with the Illinois Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et. seq.)
Addresses within the proposed TIF Project Area should have received this notice in the mail.
- A public hearing was held to review the potential plans for the Project Area on February 12, 2024. See the presentation: Feb 12, 2024 public meeting presentation
For additional information about the proposed TIF Plan and Project Area, you can contact:
Cordaryl Patrick, Director of Economic and Community Development
City of Decatur, IL
1 Gary K. Anderson Plaza
Decatur, IL 62523