Under Illinois law, before a municipality creates a TIF district, it must hold a public hearing. The municipality sends notice of the hearing to all property owners within the proposed district at least two weeks before the hearing.
If your property is potentially included in a TIF district, you should obtain the proposed TIF redevelopment plan and review the following:
- Study the eligibility report and the factors that the consultant claims allow your area to be qualified as a “blighted” or “conservation” area.
- Study the land acquisition map to determine if your property is slated to be taken by the municipality.
- Study the proposed budget, paying attention to the amount the consultant says will be paid for the property to be acquired.
For clients whose property is within a proposed TIF district, Ryan & Ryan can provide consultation about how to respond to the proposed plan.