Downtown Redevelopment & TIF Districts

TIF District 1 - Expired on December 31, 2016

The City of Wheaton Tax Increment Financing (TIF) District 1, established on October 18,1993, expired on December 31, 2016.

About Downtown Redevelopment & TIF Districts

The City of Wheaton is committed to revitalizing downtown Wheaton in order to offer its residents and visitors a unique variety of retail and dining experiences and to create a thriving heart of Wheaton.

Criteria

The City of Wheaton created Tax Increment Financing (TIF) Districts in downtown Wheaton to help redevelop the area and attract new businesses. In these districts, the City offers financial assistance to developers who will redevelop areas that otherwise wouldn’t be redeveloped. These areas must meet a number of criteria that are determined by state law, such as age, deterioration and depreciation. The money that the City allocates to the developer is repaid over time by the tax revenues that the redevelopment generates.

Policies & Procedures

The Wheaton City Council also adopted a TIF Policies and Procedures document (PDF), which establishes requirements that must be met in order for TIF assistance to be considered. The document serves as a guide for the City Council as they consider requests for Tax Increment Financing.