Tax Increment Financing (TIF)

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The City of Bloomington Office of Economic Development seeks to attract and retain high quality development and businesses that are compatible with the long-range vision of the City and its residents.

The City of Bloomington City Council may, at its discretion, provide financial or in-kind assistance to new or existing commercial, industrial, or institutional development. Combining federal, state, and local programs, the City Council is committed to providing cost-saving incentives to financially-strong companies that add value to the community. Incentive packages are company and location-specific, and may include property tax abatements, sales tax refunds, tax increment financing, low-cost financing programs, infrastructure improvements and utility cost reductions.

For more information about TIF in Illinois, please review the documents at the links below:

Summary of State of Illinois TIF Eligible Redevelopment Project Costs - PGAV

A Resource Guide to Tax Increment Financing - SB Friedman Development Advisors

See below for details of existing or proposed tax increment financing (TIF) districts in the City of Bloomington.

EMPIRE STREET CORRIDOR TIF DISTRICT – ESTABLISHED 2016

Empire Street Corridor TIF Map December2015

On February 22, 2016, the City Council established the Empire Street Corridor TIF District which includes commercial properties along Empire Street between Veterans Parkway and Towanda Avenue. The Empire Street Corridor Redevelopment Project Area is intended to induce development interest within this area and make improvements to public infrastructure. Click here for more information about the Empire Street Corridor TIF District.

PROPOSED DOWNTOWN – SOUTHWEST TIF DISTRICT

Downtown Southwest TIF Study Area Map

On May 9, 2016, the City Council authorized a Feasibility Study and Redevelopment Plan for the proposed Downtown – Southwest TIF which includes commercial properties along Madison Street and Washington Street in downtown Bloomington. Click here for more information about the proposed Downtown – Southwest TIF District.

PROPOSED NORTH MAIN STREET / CHESTNUT STREET TIF DISTRICT

North Main Chestnut TIF Feasibility Study Map May-16-2016

On May 16, 2016, the City Council authorized a Feasibility Study for the proposed North Main Street / Chestnut Street TIF District which includes commercial properties at the corner of North Main Street and Chestnut Street north of downtown Bloomington. Click here for more information about the proposed North Main Street / Chestnut Street TIF District.

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