TIF Districts & Incentives
Tax Increments Financing (TIF)
Swansea has two TIF Districts aimed at boosting development. TIF helps finance improvements in specific redevelopment areas. It works by using the increase in property tax revenues (increment) generated after a project's completion. These funds go into a special allocation fund to cover eligible project costs. Specifically, these costs include, but are not limited to:
- Studies, surveys, and plans
- Professional services (architectural, engineering, legal)
- Property acquisition and demolition
- Renovation or construction of structures
- Public works construction
- Financing costs (interest, reserves)
Business Districts
Swansea also has two Business Districts. These districts use up to a 1.00% sales tax levy instead of property taxes. The revenue goes into a special allocation fund to support:
- Building rehabilitation
- Historic preservation
- New building projects
- Infrastructure improvements
Business District Area in the Village
Development Sites
Swansea offers various development sites, many near busy roads like IL-159/Frank Scott Parkway. These locations offer high visibility with significant daily traffic, making them ideal for businesses looking to establish or expand. For any questions regarding TIF or Business Districts, contact Dan Thomas at dthomas@swanseail.org or call 618-722-2207.