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2012 Annual Report
1341h and Avenue K
Redevelopment Project AreaPursuant to 65 ILLS 5/1174.45(d)]ONE 30,2013FY 2012
ANNUAL TAX INCREMENT FINANCE
Reportage of Municipality:
County:STATE OF ILLINOIS
COMPTROLLER
JUDY
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What is sales tax increment financing?
Sales Tax Increment Financing (STIF) is a funding mechanism that allows municipalities to use the increase in sales tax revenue generated from a specific geographic area to finance public improvements in that area.
Who is required to file sales tax increment financing?
Entities that benefit from the sales tax increment financing, usually local governments or municipalities, are typically required to file for the financing.
How to fill out sales tax increment financing?
To fill out a sales tax increment financing application, entities must provide details on the proposed project, expected sales tax revenue increases, and a plan for how the generated funds will be used.
What is the purpose of sales tax increment financing?
The purpose of sales tax increment financing is to stimulate economic development by funding infrastructure improvements and projects that will increase sales tax revenues in designated areas.
What information must be reported on sales tax increment financing?
Entities must report information including the project's scope, expected outcomes, financing details, and incremental sales tax revenue projections.
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