The Illinois Tax Increment Association held its fall conference in the final days of September, a gathering that brought together professionals from various fields including attorneys, financial advisors, lenders, developers, urban planners, and elected officials. The two-day event in Chicago offered a platform to discuss the latest trends in tax increment financing (TIF).
Key insights from the conference included understanding the different motivations of elected officials for successful development approval and financing. Participants also noted the importance of retaining experienced professional advisers due to varying opinions across Illinois on what costs are TIF-eligible.
A recently passed legislation in Illinois, becoming effective in 2024, was another highlight. This law will enable non-home rule municipalities to enforce building and zoning codes more swiftly, providing them with a significant new tool for economic development.
The conference also discussed the “clawbacks” strategy used by municipalities as their primary method to ensure developers’ compliance with redevelopment agreements. This approach, however, can complicate financing plans.
Transportation, distribution, and logistics (TDL) developments were recognized as potential catalysts for underutilized real estate. More than just warehouses, these developments can attract retail and service businesses and often include public amenities such as walking trails.
The conference concluded with a clear consensus that TIFs remain an important and increasingly valuable economic development option for municipalities and developers alike.
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