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Community and Economic Development

TIF Development


On This Page:    Introduction to TIF Districts      Information regarding Hanover Park's TIF Districts        TIF District Map




Introduction to Tax Increment Finance (TIF) Districts

Tax Increment Financing (TIF) is a financial tool state lawmakers gave local governments to support and encourage economic development, redevelopment and improvement projects to a designated area of the community.  

A TIF District is created through a series of ordinances. A redevelopment plan for the TIF District is created which outlines the goals and redevelopment activities. A TIF District, once approved, will typically remain in effect for a maximum of 23 years.  It is important to remember that TIF is not a new tax.  

Information regarding Hanover Park’s TIF Districts     TOP ^

The Village of Hanover Park has created several TIF Districts. Two of the Five TIF Districts are now ‘retired’, and three are still active as shown in the image on the right. This map shows previous and current TIF Districts in Hanover Park: TIF Map.
  • If you would like to receive legal notices regarding the Village's TIF Districts, you may register for the TIF Interested Parties Registry here.


Information on each district (including related documents) can be found by clicking the name of the TIF below.

 

TIF District 3: Village Center

TIF District 4: Irving Park Road Corridor

TIF District 5: Irving Park Road East

TIF District 3 Plan

TIF District 4 Plan

TIF District 5 Plan

2012- TIF 3 Report

2012- TIF 4 Report

2013- TIF 5 Report

2013- TIF 3 Report

2013- TIF 4 Report

2014- TIF 5 Report

2014- TIF 3 Report

2014- TIF 4 Report

2014B-2015- TIF 5 Report

2014B-2015- TIF 3 Report

2014B-2015- TIF 4 Report

2016- TIF 5 Report

2016- TIF 3 Report

2016- TIF 4 Report

 
 


TIF District Map

To find out more about the TIF District locations and boundaries, view the TIF District Map here.

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