A Redevelopment Plan is an assessment of an area in need of economic assistance. The Plan demonstrates why the area needs to be redeveloped and how the municipality plans to revitalize the area.
Illinois law requires review by the major overlapping local governments and a public hearing on the Redevelopment Plan prior to TIF designation. The Plan must be made available for public review and inspection at least 45 days prior to the public hearing.
A Redevelopment Plan includes:
- a description of the boundaries of the district recommended for redevelopment
- a discussion of why the area needs to be redeveloped
- documentation of how the area satisfies the “but for” requirement in order to qualify for TIF eligibility
- the redevelopment goals and objectives for the area
- an explanation of how the land in the TIF district will be used
- a budget for the life of the TIF district, including the total TIF-eligible costs of the plan
- an evaluation of the fiscal and programmatic impact on the overlapping taxing bodies
- a description of the process to amend the plan
- a statement of conformance with the municipality’s comprehensive plan
- a timetable for redevelopment of the area.