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Jefferson Street and Route 59 TIF District 


Annual Meeting - March 16, 2021

The Joint Review Board's Annual Meeting will take place on Tuesday, March 16, 2021 at 1:30 pm.  Public attendance at Vilage Hall is permitted. The meeting will also be held virtually using a videoconference and phone call system.  Please follow the link below for the Agenda, Packet, and Attendance Information.

JRB Annual Meeting Packet - March 16, 2021


 

What is a TIF?

Tax Increment Financing, or TIF, is a financial incentive tool created by the Illinois State Legislature in 1978.  The goal of TIF is to assist communities that wish to implement sound economic development and to combat or prevent blight.  TIF helps local governments to restore areas going through economic change and helps to jumpstart development in areas which may be lagging. With TIF, local governments can make needed improvements, like building new roads or extending utilities, to help attract, retain and support businesses, without tapping into general municipal funds or raising taxes.

Once the TIF District is established, the property tax dollars generated from the TIF DIstrict and distributed to the various taxing bodies are held constant.  If property in the TIF District increases in assessed value, like when there is new development on vacant land, the additional property tax revenue generated (known as the Increment) goes into the TIF fund to be used for qualified costs such as public improvements.  Creation of a TIF District does not in and of itself mean that development or redevelopment will occur but it does help. Market conditions remain the prinicpal factor driving any development.

TIF Fact Sheet and Frequently Asked Questions
TIF 101, Mahoney Silverman & Cross, LTD
TIF Overview Presentation, Kane McKenna Associates

Village of Shorewood TIF District Overview

The TIF District area consists of approximately 265 acres which includes 349 tax parcels and approximately 173 structures. The TIF District includes the eastern gateway to the Village on Jefferson, the southern gateway to the Village on Cottage, the intersection of Jefferson and Rt 59, the area historically known as "The Beach", and parts of the DuPage Riverfront. The TIF District boundries are centralized around an area that is one of the prime gateway intersections in the Village, Route 52 and Route 59. The Village is seeking to have the District serve as a focal point of community activity. Shorewood's desire is to have the District redeveloped predominantly as a commercial and retail area with mixed use residential and a Riverwalk area. The purpose of the TIF District is to promote the revitalization of under-utilized properties located within the Village and the overall improvement of the redevelopment project area.   The Village Board approved the TIF District and the necessary ordinances on February 14, 2017.  The Towne Center TIF District Core Area Master Plan was approved in 2018.

Towne Center TIF District Core Area Master Plan
TIF Boundary Map and TIF Boundary Aerial Map
TIF Redevelopment Plan & Eligibility Study

Joint Review Board

The Jefferson Street and Route 59 TIF District Joint Review Board is a group of taxing body representatives and a public member.  The JRB met prior establishing the TIF and provided recommendations to the Village Board.  The JRB is charged with meeting annually to review the reports which are submitted to the State of Illinois Comptroller and to advise the Village Board on matters pertaining to the TIF District.

Joint Review Board Members

Joliet Junior College #525
Joliet Township High School District #204
Public Member, Terry Barry
Storewood Troy Library
Troy Fire Protection District
Troy Township
Troy School District 30-C
Village of Shorewood
Will County

The Joint Review Board's Annual Meeting will take place on Tuesday, March 16, 2021 at 1:30 pm.  Public attendance at Vilage Hall is permitted. The meeting will also be held virtually using a videoconference and phone call system.  Please follow the link below for the Agenda, Packet, and Attendance Information.

JRB Annual Meeting Packet - March 16, 2021

Annual Reports

2020 Fiscal Year
2019 Fiscal Year
2018 Fiscal Year
2017 Fiscal Year

TIF District Approval 

The Jefferson Street and Route 59 TIF District was approved on February 14, 2017 through the adoption of the following ordinances.

Ordinance 17-1834 adopted the Tax Increment Redevelopment Plan and Redevelopment Project for the Jefferson Street/Rt 59 Redevelopment Project Area
Ordinance 17-1835 designated the Jefferson Street/Rt 59 Redevlopment Project Area pursuant to the Tax Increment Allocation Redevelopment Act
Ordinance 17-1836 adoped Tax Increment Allocation Financing for the "Jefferson Street/Rt 59* TIF" Redvelopment Project Area

Interested Parties Registry

Persons who are interested in receiving notice of meeting and activities related to the TIF redevelopment project area are invited to register with the Village.  

Interested Parties Rules
Interested Parties Form