Tax Increment Finance (TIF) Program

Tax Increment Financing, or TIF is a tool to assist in financing redevelopment projects in designated blighted and substandard areas of the city.  The City of Crete issues bonds or a promissory note to finance any approved project.  The property taxes generated from the increased valuation of the development are captured for a period of up to 15 years to repay the public investment.

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The purpose of TIF is to help communities undertake redevelopment activities for urban renewal and municipal growth.  TIF allows a city to pay for the public improvements that are part of a private redevelopment project.  TIF is not a grant and it is not a primary funding source for a redevelopment project, but does provide an incentive for private development that will increase the tax base of the Crete community and create additional jobs.  

TIF Program Documents

• Redevelopment Plan
• Redevelopment Plan #2
• Blight and Substandard Study
• Blight and Substandard Study #2
• Redevelopment Area Plan #3
• TIF Application