TIF FINANCING
To promote economic development, the City of Carlyle has created a Tax Increment Financing (TIF) district. Developers that plan to construct or renovate in a TIF district are able to receive financial assistance for the development from dollars that would be paid to property taxing districts because of the increased valuation of the property with the improvements.
Download the TIF Application here.
For more information on the location of
Carlyle's TIF districts, please click on
this link to download a map of the districts
in Google Earth. PLEASE NOTE: the
downloaded maps are not official.
There are in fact a few parcels in TIF
Districts #1 and #2 that are included in the
downloaded maps but are in fact excluded
from the Districts. Please call for a
certification of the location of a parcel in
a TIF district.
The following types of activities may be reimbursed using TIF revenues:
• Studies, surveys, and planning activities completed by professional
services, such as architects, engineers, attorneys, among others.
• Acquisition of property and its preparation, such as demolition and
grading of land.
• Reconstruction or remodeling of existing buildings and fixtures.
• Construction of public works and improvements.
• Costs of job training and retraining.
• Certain amounts of financing costs, including construction and bond
interest.
When a developer and the City reach an agreement on the eligible activities that will be financed using TIF revenues, work may commence on the eligible activities. When work is completed and when dollars from the tax “increment” are available for payment, reimbursements are made to the developer.
In May 2006, the City created TIF District #3 which encompasses property commonly known as the “West End Development” that was annexed into the City in September 2005. A map of this new district will be included on this website shortly.
For assistance or any questions regarding Carlyle’s TIF program, please call Bill Gruen at 618-594-2468.
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EDGE CREDITS
Sponsored by the State of Illinois, eligible businesses that create or retain jobs are eligible for corporate income tax credits for up to ten years (with a potential five-year carry forward). EDGE provides important assistance to businesses by helping diminish the cost of doing business for new and troubled businesses by decreasing corporate income tax liabilities.
For more information on EDGE, please click on the link below which will take you to the website of the Dept. of Commerce & Economic Opportunity. You may also contact Bill Gruen at 618-594-2468 should you have any questions.
Visit website.
EMPLOYEE TRAINING INVESTMENT PROGRAM
Illinois businesses with need to upgrade the skills of their workforces may apply to the Dept. of Commerce & Economic Opportunity (DCEO) for assistance for the ETIP program. Grants may be awarded to individual businesses undertaking training of their own employees, but grants may also be awarded to entities that sponsor multi-company training for employees of their Illinois supplier companies and to intermediary organizations operating multi-company training projects. Businesses awarded assistance are eligible for reimbursement of up to 50% of total eligible training costs.
To learn more about the ETIP program, please click on the link below to be taken to the DCEO website.
Visit website.
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