City Center Tax Increment Financing District
Joliet has established a Tax Increment Finance (TIF) District for the City Center area (see map on following page) . The TIF uses revenues from increased property valuations within the district to fund improvements. Eligible project costs include:
- Property Assembly
- Environmental, planning, and market studies, engineering and architectural plans.
- Rehabilitation, reconstruction, repair, or remodeling of existing public or private buildings and fixtures.
- Public works and improvements.
Numerous development and redevelopment opportunities exist in the project area. While new large-scale and infill development opportunities are included, most projects are expected to take advantage of Joliet's large stock of attractive historic buildings. Development opportunities include: retail, residential, commercial/office, restaurant, entertainment and mixed-use. For more information contact: City of Joliet, Community & Economic Development at (815) 724-4040.
The State of Illinois provides additional tax incentives through the Enterprise Zone including:
Investment tax credit; Manufacturing machinery and equipment sales tax exemption; Job tax credits; Income tax deduction for financial institutions; Dividend deduction and corporate contributions deduction. Call the Des Plaines River Valley Enterprise Zone at (815) 740-8372.
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