In Illinois, TIF districts are used by communities with both small and large populations. TIFs can help communities of any size build infrastructure and attract private investment. Many municipalities in DuPage County and across Illinois have brought significant development and traffic to their downtowns using TIFs—and that includes Winfield. Our existing TIF #1 in the Town Center has been a great success, including the construction of the recently completed 163-unit Winfield Station luxury apartment complex.
Additionally, establishment and operation of a TIF is completely transparent. Local governments (taxing bodies) monitor the progress of the TIF district. By law, all the school districts and major taxing bodies meet with the TIF municipality annually to review the progress of each TIF. Under Illinois law, municipalities have an obligation to cooperate with other taxing bodies in monitoring TIFs. The Joint Review Board must hold a public meeting annually to review the effectiveness and status of the TIF district and issue an annual report with financial disclosures.