Uptown Normal Tax Increment Financing District
In 2003 as part of the Uptown Renewal Effort, the Normal Town Council created a Tax Increment Financing (TIF) district. TIF is a tool state lawmakers gave local governments more than 20 years ago to help restore their most run-down areas or jumpstart economically sluggish parts of town. TIFs help local governments attract private development and new businesses. New businesses mean more jobs, more customers, and, in turn, more private investment. TIF designation also helps retain existing businesses that might otherwise find more attractive options elsewhere.
The Town of Normal has used TIF to encourage high quality development to exist and to attract and retain businesses. TIF has also played an integral part in financing infrastructure improvements such as road and utility improvements. In future years, the Town of Normal will continue to use funds generated by the TIF district to help businesses succeed and, as a result, make Uptown Normal an exciting place for residents and visitors to enjoy.
Uptown Normal TIF District boundaries.
For more information on how TIF works, please visit the Illinois Tax Increment Association website.