City Development

As the principal planners, the City Council of Paris promotes the comprehensive growth and well-being of the City and its neighborhoods. In addition to its planning functions, the council oversees the City’s land use policies, and through economic development and housing data employs a variety of resources to encourage business and real estate development, as well as a diverse and stable housing stock throughout the city.

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Tax Increment Financing

Tax Increment Financing is simple in concept. TIF calls for local taxing bodies to make a joint investment in the development or redevelopment in a specific area. The funds for this investment come from future tax revenues generated by increased public and private investment in identified, underperforming, areas.

When a TIF redevelopment project area, TIF District, is created, the value of the property in the area is established as the “base” amount. The property taxes paid on this base amount continue to go the various taxing bodies as they always had. It is the growth of the value of the property over the base that generates the tax increment. This increment is collected into a special fund for use by the municipality to make additional investments in the TIF project area. This reinvestment generates additional growth in property value, which results in even more revenue growth for reinvestment.

In this way the TIF redevelopment project creates a vital cycle, increasing development and redevelopment in the area so that when the TIF project ends (Illinois law allows a TIF project to exist for a period up to 23 years) all the taxing bodies benefit from the new growth.

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Development Posts

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