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CITY OF SALEM, MARION COUNTY, ILLINOISORDINANCE NO. 202425 SALEM TIF DISTRICT 2 AN ORDINANCE APPROVING AND AUTHORIZING THE EXECUTION OF AN INTERGOVERNMENTAL AGREEMENT by and between THE CITY OF SALEM

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How to fill out tax increment financing fact

01

Identify the area for tax increment financing (TIF).

02

Gather property information and existing tax values in the designated area.

03

Determine the projected increase in property values due to the development or redevelopment.

04

Calculate the baseline tax revenue and the anticipated new tax revenues generated from the increase in property values.

05

Prepare a TIF plan that outlines the goals, objectives, and expected outcomes of the TIF.

06

Submit the TIF plan to the appropriate governing body for approval.

07

If approved, implement the TIF and monitor its performance annually.

Who needs tax increment financing fact?

01

Municipal governments looking to stimulate economic development.

02

Developers seeking to finance redevelopment projects.

03

Businesses in designated TIF areas looking for financial incentives.

04

Community organizations interested in revitalizing neighborhoods through investment.

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What is tax increment financing fact?

Tax increment financing (TIF) is a public financing method used to subsidize redevelopment, infrastructure, and other community-improvement projects. It captures the future tax benefits from increased property values in a designated area.

Who is required to file tax increment financing fact?

Municipalities or local governments that utilize tax increment financing to fund projects are generally required to file tax increment financing facts to report on the financial impacts and outcomes of those projects.

How to fill out tax increment financing fact?

To fill out a tax increment financing fact, municipalities must provide detailed information about the TIF district, including financial data, project details, tax revenue generated, and expenditures related to the TIF projects.

What is the purpose of tax increment financing fact?

The purpose of filing a tax increment financing fact is to ensure transparency and accountability in the use of public funds for TIF projects. It helps stakeholders assess the effectiveness of the financing and its impact on community development.

What information must be reported on tax increment financing fact?

Information that must be reported includes the boundaries of the TIF district, initial and current assessed values, tax revenues generated, project costs, and the status or outcomes of the financed projects.

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