The Downtown Mokena TIF District was established by the Village to use as a tool to incent private development in the Downtown area.
A TIF works by freezing the tax base of the properties in the TIF district. The taxing districts continue to receive taxes from the properties in the district. However, when value is added to a property in the TIF district and the EAV (Equalized Assessed Valuation) increases, the increase in the tax base is used to incent projects in the district rather than the increase going to the taxing districts.
Not all projects in the TIF district will qualify for this incentive and all projects are evaluated on a case by case basis.
Some of the TIF-eligible costs are:
- Rehab and renovation of private and public buildings
- Property acquisition
- Financing costs
- Professional services, ie. Architects, Engineering and Legal
For a complete list of all eligible costs associated with Mokena's Downtown TIF District and to see if your project may qualify please contact the Director of Economic and Community Development, Alan Zordan at (708) 479-3930.
to download information regarding the Downtown TIF District.