In October, 2011, the City of Joliet, in cooperation with Teska Associates Inc., established a Tax Increment Financing District for the Cass Street Corridor. Tax Increment Financing (TIF) is a tool state lawmakers provided local governments to help restore economically sluggish parts of a city that have not been successfully redeveloped under normal market conditions without using general funds or raising taxes.
The primary purpose of establishing the Cass Street Redevelopment Project Area is to encourage economic development, attract private investment, create new employment opportunities, rehabilitate dilapidated or obsolete structures, create additional housing opportunities and to improve public services and facilities within the corridor. In order to accomplish these objectives, the use of Tax Increment Financing was approved. Under this approach, new property tax revenues generated by economic activity within the Redevelopment Project Area can be used to offset eligible development expenses in accordance with the requirements of State law and the ordinances and policies of the Mayor and City Council.
Covering approximately 79 acres, the Project Area contains 254 structures on 298 parcels, and covers 22 blocks or parts thereof. A wide diversity of land uses comprise the Project Area, including commercial and industrial uses, and residential dwellings (predominately multiple family units). A copy of the Cass Street Redevelopment Plan and Program can be obtained from the link below.
Kendall Jackson, Director
150 W. Jefferson Street, Joliet, IL 60432
Second Floor, South Wing
Hours: 8:00 a.m. - 4:30 p.m., Monday - Friday
Fax: (815) 724-4056