Top Berkeley, IL Tax Increment Financing Lawyers Near You
2500 S. Highland Ave., Suite 200, Lombard, IL 60148
77 West Wacker Drive, Suite 4100, Chicago, IL 60601
330 North Wabash Avenue, Suite 2800, Chicago, IL 60611
110 N Upper Wacker Dr, 34th Floor, Chicago, IL 60606
300 North LaSalle, Suite 5555, Chicago, IL 60654
150 N. Michigan Ave., Suite 2800, Chicago, IL 60601
71 S Wacker Dr, Suite 350, Chicago, IL 60606
1110 Jorie Blvd., e 210, Oak Brook, IL 60523-2223
100 North Riverside Plaza, Suite 1500, Chicago, IL 60606
1045 W. Fulton Market Street, Chicago, IL 60607
55 East Monroe Street, 37th Floor, Chicago, IL 60603-6029
150 N Riverside Plaza, Suite 3000, Chicago, IL 60606
321 North Clark Street, Suite 3000, Chicago, IL 60654
9501 Technology Blvd, Suite 4400, Rosemont, IL 60018
233 South Wacker Drive, Suite 9400, Chicago, IL 60606
71 South Wacker Drive, Chicago, IL 60606
525 W. Monroe Street, Chicago, IL 60661
120 S LaSalle St, Ste 1710, Chicago, IL 60603
150 N Riverside Plaza, Suite 2700, Chicago, IL 60606
151 North Franklin Street, Suite 2500, Chicago, IL 60606
353 North Clark Street, Chicago, IL 60654
Berkeley Tax Increment Financing Information
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What Is Tax Increment Financing?
Tax increment financing (TIF) is a special tax treatment cities and states give certain areas of land to incentivize redevelopment. Examples of projects that tax advantage of tax increment financing include:
- Redeveloping vacant buildings and unused structures
- Developing a sports complex
- Cleaning up polluted land and properties
- Improving downtown business districts
- Financing infrastructure improvements
What Are Some Examples of Situations Where I Might Need a Tax Increment Financing Lawyer?
If you are trying to develop unused or blighted areas of Berkeley, tax increment financing can generate investment in the development projects. This is a way to motivate investors to help fund a project that will pay for itself with increased tax revenue from a growth in property value. You should consider hiring a lawyer who specializes in TIF compliance at the beginning of your project.
How Can a Tax Increment Financing Lawyer Help Me?
Tax increment financing is a way for cities to develop projects that will cover the initial investments from their own increased property value. Taxpayers may not want to support outright spending projects. Taxpayers may be more willing to support TIF projects because they pay for themselves over time. A tax increment financing lawyer can help with:
- Legal counsel and guidance
- Identifying the right financing projects
- Drafting the tax increment financing agreements
- Tax structuring to recuperate project investments
What Could Happen if I Don’t Hire a Tax Increment Financing Lawyer?
Tax increment financing projects are complex. These projects require extensive investigations into the property, zoning, stakeholders, property owners, land use restrictions, and environmental issues. Without hiring a TIF lawyer, your project could face many complications, including:
- Toxic tort litigation
- Community opposition
- Zoning restrictions
- Lack of financing
What Are the Top Questions When Choosing a Tax Increment Financing Lawyer in Berkeley?
When you look for a TIF lawyer, ask questions to make sure they are the right person for the job. Many lawyers offer consultations so you can understand your options and get specific legal advice. The top questions to ask include:
- What experience do you have in handling tax increment financing projects in Illinois??
- What is your approach to starting a TIF project?
- What potential legal strategies may be applicable to my case?
- What are the potential consequences and penalties if there are problems with the project?
- How will you communicate with me through this legal process?
Tips for Hiring a Tax Increment Financing Lawyer
When you are looking for the right lawyer, find someone who will protect your interests, represent your needs, understand your case, know your goals, and have the necessary experience. Some tips for finding the right lawyer include:
- Ask for recommendations
- Research lawyers online
- Schedule consultations
- Review experience and expertise
- Talk about fees and billing
- Trust your instincts