Tax Increment Financing
Tax Increment Financing in Illinois is a sophisticated practice in which our attorneys excel.
We have decades of experience working with real estate clients seeking to include a TIF financing and incentive structure in development projects. We have written and negotiated numerous TIF and development agreements covering all aspects of TIF creation, implementation, administration, and compliance. We know Illinois’ complicated and nuanced TIF statute inside and out. We have worked on projects where TIFs are created, amended, enlarged, repositioned, and extended through required legislative action in Springfield.
Our TIF projects have been used to revitalize aging downtowns, run-down commercial corridors, or other blighted property.
We have creatively terminated TIFs in order to allow for the creation of new, reformulated TIF development areas. We have structured a wide variety of TIF financing mechanisms, including pay-as-you-go obligations, developer financing, municipal financing through revenue or general obligation bonds, and municipal financing arrangements with developer participation. We have worked extensively on large transit TIFs, residential TIFs, industrial and intermodal facility TIFs, and commercial and multi-use TIFs.
We also have extensive experience in a whole range of other private sector economic incentive options, including special service areas, business districts, tax exempt industrial revenue bonds, sales tax rebate agreements, building permit and property tax abatement agreements, and local tax sharing and fee in lieu of taxes public-private arrangements.