Tax increment financing, or TIF, is an economic development and revitalization tool available to Illinois municipalities through an act of the Illinois State Legislature known as the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4). TIF is designed to remove blight and encourage private investment into areas that would otherwise not see new investment. New businesses mean more jobs, more customers, and, in turn, more private investment. TIF designation also helps retain existing businesses that might otherwise find more attractive options elsewhere. The jobs and additional investment --- private and public --- mean more money for the community. TIF also helps to overcome the extraordinary costs that often prevent development and private investment from occurring on environmentally contaminated properties, and it is also used where infrastructure is inadequate to meet the needs of development.
The City of Danville currently has four active TIF Districts
Read the General Information Sheet
Danville Campus Corridor TIF District
The Campus Corridor TIF Area encompasses an area of approximately 20 acres and is located along East Main St. near Danville Area Community College.
Danville East Voorhees TIF District
The East Voorhees TIF area encompasses an area of approximately 393 acres and is generally bounded by Bowman Ave.
Danville Midtown TIF District
The Midtown TIF Redevelopment Project Area encompasses an area of approximately 158 acres and is generally bounded by Fairchild on the North, Seminary on the South, Gilbert on the West and Hazel & Jackson Streets on the East.
Danville Western Gateway TIF District
The Western Gateway TIF Area is to the South of Midtown and encompasses an area of approximately 45 acres and is generally bound by Logan Ave. on the West, North St. on the North, Jackson St. on the East, and the Vermilion River on the South.