The Tax Increment Financing Policy Guidelines summarize general TIF investment policies and guidelines for private development projects as practiced by the Department of Planning and Development, which is the administering department for development projects seeking TIF and other forms of subsidy assistance from the City of Chicago.
The summary is intended to help applicants in determining the appropriateness of a proposed project for TIF assistance while meeting the goals and objectives of the City and the plans for the designated TIF district. Also included here is information on long-term monitoring of TIF projects and TIF districts as well as policies governing TIF accountability.
Tax Increment Financing (TIF) is the City of Chicago’s most successful economic development tool, used to promote private investment across the city leading to jobs for city residents and better neighborhoods. Funds are also used to make improvements to Chicago’s physical assets such as roads and infrastructure, clean polluted land and put vacant properties back to productive use, usually in conjunction with private development projects. TIF funds are leveraged to encourage private-sector investment and job growth, and in doing so, they ensure Chicago’s future vitality and quality of life.