How will the TIF benefit the two local school districts?

TIFs can create new funding for schools. Schools continue to receive all the tax revenue they were entitled to before the creation of the TIF district. Also, improving the Town Center will increase the tax base in the long run. The property tax revenue generated from private development attracted by a TIF designation is truly "new" money. Without the TIF, development would not occur and the "tax increment" (increase in property values) would not be produced.

Some critics of TIFs argue that school districts are entitled to immediately receive a percentage of the TIF increment. However, it is the tax increment that pays for the improvement that attract private investment and stimulate growth. If the increment cannot be used for financing improvements and incentives, private investment and economic development will not occur, and no increment will be made available to any taxing bodies. With redevelopment, property values will rise in properties surrounding the TIF area as well, providing added revenue to the school district.

When the TIF district expires, the tax increment is returned to the tax rolls and available to schools and other taxing bodies.

Show All Answers

1. What is a Tax Increment Financing (TIF) District?
2. What will the new TIF be used for?
3. What are the key benefits of the TIF for Winfield?
4. Will my property taxes go up because of the TIF?
5. Who supports the TIF?
6. Why do some people oppose the TIF?
7. How can I be sure this financing tool will work out for Winfield?
8. How will the TIF benefit the two local school districts?
9. What is the role of Central DuPage Hospital (CDH) in the TIF?
10. What is happening to the first Winfield TIF?
11. What are the next steps for the approval of TIF #2?