Water Street TIF District
A Tax Increment Financing (TIF) Feasibility Study for the Water Street Area was conducted in 2002 which showed the area was qualified for eligible expenditures, including public improvements that could be funded under the TIF Act. A Water Street Vision Statement (PDF) was drafted and a Joint Review Board was established to create the proposed Water Street Tax Increment (TIF) District.
The Water Street TIF District was approved in 2007. The ordinances creating the district are listed below:
- Ordinance 15-026 (PDF)
Joint Review Board
The Illinois State Statute requires each TIF District to conduct a meeting of the Joint Review Board (JRB) to review and approve each annual fiscal year report submitted. Due to a change in the city’s fiscal year to a calendar year cycle, the next meeting of the JRB will be held to review the FY16 reporting information (covering the period from May 1, 2015 – December 31, 2016). Copies of meeting summaries from the last three years are provided below.
The FY16 Water Street TIF District report (PDF) submitted to the State of Illinois on October 5, 2017 is available for review.
The FY17 report will be prepared after the City's auditors complete their financial review. A meeting of the JRB to review the FY17 report is anticipated in July or August 2018. Meeting details, once available, will be posted on this web page.
Water Street Development Proposal
The Water Street Preliminary P.U.D. proposed by Marquette Property Investments Inc, was approved by the City Council on November 6, 2007.
A Major Change to the Water Street Final P.U.D. and other zoning approvals were approved by the City Council on November 5, 2014 by Ordinances 14-168, 14-169, 14-170, and 14-171.
The Water Street Major Business Terms were approved by Resolution 14-042 on November 18, 2014. The Water Street Agreements, including Redevelopment Agreement, were approved on February 17, 2015, by Ordinances 15-027 through 15-031.
If you or your organization would like to register on the Interested Parties Registry please complete the Water Street TIF Registration Form (PDF). Rules governing this Registry can be viewed at Water Street TIF Interested Parties Registry Registration Rules (PDF). Please also note the Public Notice Establishing the Water Street Registration Registry (PDF).