Business is coming to Wilmington. New homes are being built, Eyesore properties are being demolished, Corporations are finding Ridgeport irredsistable and the Downtown is getting a facelift. When people are drawn to a location, so are new businesses and vice versa. We are developing momentum as a City. With our prime interstate location and great building incentives, what are you waiting for?
Economic development ideally refers to the sustained, concerted actions of communities and policymakers that improve the standard of living and economic health of a specific locality. - whatiseconomics.org
TIF District Information
WILMINGTON TIF DISTRICT
Ridgeport Logistics Center Intermodal Terminal Facility Area - Created May 10, 2010
Tax Increment Financing is the only locally controlled economic development tool available to Illinois communities.A TIF District's revenues ("tax increment") come from the increased assessed value of property and improvements within the District. Once a TIF District is established, the "base" assessed value is determined. As vacant land and dilapidated properties develop with TIF assistance, the equalized assessed valuation (EAV) of those properties increases. New property taxes resulting from the increased assessed valuation above the base value create an incremental increase in tax revenues generated within the TIF District.
The "tax increment" created between the "base" and the new EAV is captured, deposited into a special city TIF account and used solely for economic development.