Game Players
This entity reviews the redevelopment plan to ensure it conforms with the comprehensive plan.
What is a Planning Commission?
This designation indicates the community may proceed with preparation and approval of a redevelopment plan.
What is the declaration of blighted or substandard?
15 years
What is the maximum length of time the incremental tax can be collected?
This document is the general plan for the development of a city or village.
What is a Comprehensive Plan?
City or Village, County, Ag Society, ESU, Community College, NRD, Fire Dept., Public School
Who are "taxing entities"?
This development tool permits cities to use the added property tax revenues created by a redevelopment project to finance project-related improvements.
What is Tax Increment Financing (TIF)?
2 to 6 months
What is the average length of time for a TIF application process?
A report that documents that an area meets the criteria established by the Community Development Law.
What is a blight study?
This entity has the ability to prepare and recommend redevelopment plans to the governing body of the city and to undertake and carry out redevelopment projects.
What is a CRA?
Information given by publication in a legal newspaper at least once a week for 2 weeks.
What is proper notice?
Property tax on lot with improvements: $10,000
Less: Property tax on lot: $2,000
Equals $8,000
What is the incremental tax?
A document that considers and analyzes items such as local tax impacts, impacts on employers and impacts on student populations relevant to the consideration of costs and benefits arising from the redevelopment project.
What is a cost-benefit analysis?
This person or entity submits redevelopment proposals to the CRA for consideration and approval.
Who is a redeveloper?
This law authorized Tax Increment Financing.
What is Community Development Law?
100% of Villages; 50% of Second Class Cities; 35% of Metropolitan, Primary or First Class Cities.
What is the maximum area than can be designated as blighted.
This document is a binding agreement between the developer and the CRA.
What is a TIF Contract?
This office oversees dividing the taxes and sending all excess ad valorem taxes (above the base valuation) to the CRA for placement in a special fund created for the TIF project.
Who is the County Treasurer.
An official meeting where members of the public hear the facts about a planned development, road, building, etc. and give their opinions about it.
What is a public hearing?
134 municipalities in 72 Counties.
This document refers to a promise to pay based on a projected annual value created by a project.
What is a bond?