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Totally Improved Fisher (TIF)
Program Options
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What do you
want to do?
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Tax Increment Financing Redevelopment Agreement |
Revolving Loan Fund with TIF District Benefits |
Revolving Loan Fund without TIF District Benefits |
Totally Improved Fisher Grant |
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NEW
Construction
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YES (minimum investment of $90,000)
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YES (minimum investment of $90,000)
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YES (minimum investment of $90,000)
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N/A
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"Fix-Up"
Project
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YES (minimum investment of $15,000)
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YES (minimum investment of $5,000)
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YES (minimum investment of $5,000)
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N/A
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"Clean-Up"
Project
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N/A
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N/A
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YES
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YES
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Eligibility
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Projects on properties located within the Fisher TIF District.
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Projects on properties located within the Fisher TIF District.
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Projects on properties located within the corporate limits of the Village of Fisher.
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Projects on properties located within the corporate limits of the Village of Fisher.
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Terms
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50% rebate of annual net real estate tax increment up to $8,000 of approved eligible project costs, 8 years, or life of TIF District whichever occurs first. Limited to one TIF District Redevelopment Agreement per parcel and the availability of TIF District funds. Projects requiring investment of $200,000 or more may be eligible for additional TIF District benefits.
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Loans available to qualified borrowers per terms of the lending institution plus 50% credit of annual real estate tax increment up to $8,000 of approved eligible project costs, 8 years, or life of TIF District, whichever occurs first. Limited to one loan per parcel and the availability of funds.
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Terms depend on Bank’s determination of applicant’s overall creditworthiness. Limited to one loan per parcel and the availability of funds.
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Grants valued at $1.00 per square foot (up to $1,000 maximum) of structure demolished, removed, or relocated from the subject property. Limited to one grant per parcel per year and the availability of funds.
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Payment
Procedures
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Annual rebate of net real estate tax increment generated by the project per terms of a Redevelopment Agreement. |
Loan repayment per Bank requirements; plus annual credit of 50% of real estate tax increment generated by the project per terms of a Redevelopment Agreement.
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Loan repayment per Bank requirements; TIF District benefits do not apply. |
Pre-defined, one-time, lump-sum requisition upon completion of project. |
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Application
Process
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Contact the Village’s TIF District advisers at The Economic Development Group, Ltd. (309)664-7777.
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Contact Fisher National Bank for Program Application, (217) 897-1136. |
Contact Fisher National Bank for Program Application, (217) 897-1136. |
Contact Fisher National Bank for Program Application, (217) 897-1136. |
