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).
Annual TIF Reports
The City's Annual TIF reports can be found in the Finance Department's Budget & Financial Reports section.