Tax Increment Financing District

Tax Increment Financing District
Redevelopment Area, Plan and Projects / September – 2010

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A variety of policies, programs, and strategies are often used to promote economic
development in a community. This Redevelopment Plan provides a comprehensive and
detailed discussion of the uses, structure, and impacts of tax increment financing (TIF)
in Coal City, Illinois.

The Village Board of Trustees has concluded that it is in the best interest of the Village
and that the citizens of Coal City will Benefit by the adoption of this Tax Increment
Financing Redevelopment Area, Plan and Projects.

1 – Introduction

  • Location (1)
  • Community Background (1)
  • Population (2)
  • Retail Sales (2)
  • Unemployment (2)
  • Proposed Industrial Development (3)

3 – Coal City TIF District Redevelopment Area, Plan & Projects

  • TIF District Planning Process and Calendar (5)
  • Description of Proposed Redevelopment Project Area (6)
  • Qualifying Conditions of Proposed Redevelopment Project Area (6)
  • Qualifying Characteristics of Improved Parcels (7)
  • Qualifying Characteristics of Vacant Parcels/Blighted Areas (8)
  • Equalized Assessed Valuation (9)
  • Summary of Qualification Findings (9)
  • Proposed Public Redevelopment Projects (10)
  • Proposed Private Redevelopment Projects (11)
  • Sources of Funds to Pay TIF Eligible Project Costs (12)
  • TIF Financing Summary (14)
  • Present and Projected Tax Increment (15)
  • Assessment of Financial Impact (16)

4 – Other Statutory Requirements

  • General Land Uses (18)
  • Certification of No Displacement of Residential Units (18)
  • Commitment to Fair Employment (18)
  • Provisions for Amending the Coal City TIF District Redevelopment Plan (18)
  • Term of the Coal City TIF District Redevelopment Plan and Projects (18)
  • Nature and Term of Bonds or Notes (18)
  • Contiguous Redevelopment Project Areas (18)

5 – Conclusion

6 – Exhibits

  • Exhibit 1. Proposed Coal City TIF District Boundary Map
  • Exhibit 2. Proposed Coal City TIF District Legal Description (25 – 35)
  • Exhibit 3. Illinois Department of Employment Security (37)
  • Unemployment Report: July, 2010 (37)
  • Exhibit 4. Engineer’s Report on Flooding and Drainage Issues (39)
  • Exhibit 5. TIF Infrastructure Improvement Plan (41)
  • Exhibit 6. Example TIF District Projections

7 – Appendices

  • Appendix A. Tax Increment Financing Terms and Definitions (45)
  • Appendix B. Introduction to Tax Increment Financing (53)
  • Appendix C. Annexations (57)
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