The Village of St. Joseph is excited to announce that we are in the process of establishing a Tax Increment Financing (TIF) district and Enterprise Zone within our community. These initiatives are vital components of our economic development strategy, aimed at fostering growth, revitalization, and job creation.

What is a TIF District?

A Tax Increment Financing (TIF) district is a designated area where property tax revenues are set aside for redevelopment projects within the district boundaries. As property values increase over time due to development and improvements, the additional tax revenue generated, known as the increment, is reinvested back into the district for infrastructure upgrades, public amenities, and other economic development initiatives. TIF districts provide a powerful tool for municipalities to stimulate economic growth, attract private investment, and enhance the overall quality of life for residents.

What is an Enterprise Zone?

An Enterprise Zone is a designated geographic area where businesses can qualify for a variety of tax incentives and benefits aimed at stimulating economic development and job creation. These incentives may include tax credits, exemptions, and other financial incentives designed to encourage businesses to locate or expand within the zone. Enterprise Zones play a crucial role in attracting new businesses, retaining existing ones, and spurring investment in distressed or underutilized areas.

Why are They Important?

TIF districts and Enterprise Zones are essential economic development tools that enable municipalities to:

• Attract Investment: By offering financial incentives and tax benefits, TIF districts and Enterprise Zones attract developers, investors, and businesses looking to establish or expand their operations.

• Promote Revitalization: These initiatives help revitalize blighted or underutilized areas by providing funding for infrastructure improvements, property rehabilitation, and community redevelopment projects.

• Create Jobs: By encouraging business growth and development, TIF districts and Enterprise Zones create employment opportunities for local residents, contributing to economic prosperity and stability.

Sales Tax Reimbursements for Development

Historically, the Village of St. Joseph has demonstrated its commitment to supporting economic development by entertaining and agreeing to sales tax reimbursements for qualifying developments. We understand the importance of fostering mutually beneficial partnerships with developers and businesses, and we are dedicated to providing incentives that promote sustainable growth and prosperity within our community.

Contact Us

If you're a developer interested in learning more about our proposed TIF district, Enterprise Zone, or sales tax reimbursement opportunities, we encourage you to reach out to our Economic Development Team. Our team is ready to provide you with the information and assistance you need to explore the potential of investing in St. Joseph.

 

James Arndt, Economic Development Consultant

Arndt Municipal Support

217.500.0770

james@arndtmunicipalsupport.com

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Joe Hackney, Village Administrator

217.469.7371

joe.hackney@stjosephillinois.org