To encourage redevelopment of the underutilized/distressed Chestnut Court Shopping Center, the City of Darien is exploring the creation of a Tax Increment Financing (“TIF”) District for the property, which is located at the southeast corner of 75th Street and Lemont Road.
Tax Increment Financing (TIF) is a redevelopment tool used by municipalities across Illinois to promote economic growth and reinvestment in areas that are underutilized, blighted, or in need of improvement. The Illinois State Comptroller reports that there are nearly 1,500 TIF Districts from more than 500 municipalities in the State of Illinois. For more information, please visit the city’s website.
