What is a TIF Grant?
A TIF Grant is a grant awarded to a non-residential project within the TIF boundaries of the City of Zion that has met certain criteria deeming the project eligible and viable to receive grant funding.
Who can apply for a TIF Grant funds?
Any new or established business located in or outside the City of Zion that has or is planning to operate a business within the City of Zion can apply for a TIF grant.
What can I use the funds for?
The funds may be used for any construction related improvements to the building that bring it into compliance with city codes and in the interest of adding to the assessed value of the property. In addition, improvements can be made that will support or enhance the viability of the approved business such as signage, display shelving, flooring, lighting, etc. Relocation costs related to acquiring the site, engineering, legal and architectural services, are also acceptable uses of the funds. Prohibited uses include inventory, equipment, labor, working capital or non-acquisition and building improvement costs.
How do I apply for a TIF Grant?
Complete this application and provide all necessary documents. Applications for TIF Assistance Grant are due back into the Economic Development office by the last Wednesday of the month for consideration. Applications received after the last Wednesday of the month will be considered at the next TIF Board of Review meeting. Incomplete applications will be returned.
Applications are available by clicking here (.pdf)
The TIF Board of Review submits its recommendations regarding TIF Grant Assistance for review to the Zion City Council for consideration and approval of grant disbursement. The Zion City Council has the final authoritative decision as to the approval of TIF Funding and its dollar amount or its denial.
When does the TIF Board of Review meet to consider applications?
The TIF Board of Review meets the 2nd Monday of every month at Zion City Hall at 5:00pm as needed.
Am I guaranteed TIF funding?
No. The amount of available TIF funding varies to from year to year. The TIF Board of Review will consider each application on a case-by-case basis based upon funding availability. The recommendation is then submitted to the Zion City Council for consideration. The Zion City Council has the final authoritative decision as to the approval of TIF Funding and its dollar amount or its denial.
Who should I contact for more information about the Tax Increment Finance Grant Program?
For more information you can contact Sonolito Bronson, Economic Development Coordinator
at:
(847) 746-4056 or via email at sonolitob@zion.il.us.
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