Downtown Redevelopment & TIF Districts
Notice of Proposed Changes to TIF #1
The Joint Review Board will meet on Oct. 28, 2015 and a City Council public hearing will take place on Nov. 30, 2015 regarding proposed amendments to the TIF #1 Plan. The Joint Review Board is comprised of representatives of the taxing districts in the City.
The proposed amendments would:
- Modify the budget of the TIF #1 Plan to reflect actual and estimated expenses and revenues
- Allow the transfer of surplus funds for anticipated costs incurred in contiguous redevelopment project areas
- Correct the date of completion of the redevelopment project and retirement of obligations issued to finance redevelopment project costs to Dec. 31, 2016.
About Downtown Redevelopment & TIF Districts
The City of Wheaton is committed to revitalizing downtown Wheaton in order to offer its residents and visitors a unique variety of retail and dining experiences and to create a thriving heart of Wheaton.
The City of Wheaton created Tax Increment Financing (TIF) Districts in downtown Wheaton to help redevelop the area and attract new businesses. In these districts, the City offers financial assistance to developers who will redevelop areas that otherwise wouldn’t be redeveloped. These areas must meet a number of criteria that are determined by state law, such as age, deterioration and depreciation. The money that the City allocates to the developer is repaid over time by the tax revenues that the redevelopment generates.
The Wheaton City Council also adopted a TIF Policies and Procedures document (pdf), which establishes requirements that must be met in order for TIF assistance to be considered. The document serves as a guide for the City Council as they consider requests for Tax Increment Financing.
Learn more about Wheaton's TIF Districts by viewing the TIF Districts Map (pdf) and by reading the TIF District 1 Plan (pdf), TIF District 1 Amendment (pdf),TIF District 2 Plan (pdf) and TIF District 3 Plan (pdf).
TIF Interested Parties Registration form (pdf)
Annual TIF Reports
The City's Annual TIF reports can be found in the Finance Department's Budget & Financial Reports section.