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Home About Community Government Recreation EDC
Programs / Services

T.I.F. Districts

Created

Expires

T.I.F. District 1

December 23, 1993

December 31, 2029

T.I.F. District 2

October 14, 1996

October 14, 2019

T.I.F. District 3

January 09, 2006

January 09, 2029

T.I.F. District 4

March 08, 2010

March 08, 2033

T.I.F. District 5

September 12, 2011

September 12, 2034




Disclaimer / Copyright
City of Lacon, City Hall, 406 5th Street, Lacon, Il 61540 Ph: (309) 246-6111

Tax Increment Financing (T.I.F. Districts) and Enterprise Zones


The City of Lacon has undertaken an effort to design redevelopment plans and projects for specific areas in the city.  The plans are intended to promote and protect the health, safety, morals and welfare of the public, address blighted conditions and institute conservation measures so as to remove and alleviate adverse conditions, encourage private investment and restore and enhance the tax base of the taxing districts by undertaking public and private redevelopment projects within a designated area.


Without tax increment financing (T.I.F.) and enterprise zones, further decline of the area is likely to occur and further impair the value of private investments as well as the sound growth and tax base of affected taxing districts.   Therefore, the City of Lacon uses T.I.F. and enterprise zones to attract new residential and commercial development to the community.  The City expects to create new employment opportunities, increase population, increase the real estate tax assessment base and stimulate the local economy, thereby improving the overall quality of life for its residents.


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