Top Summit, IL Tax Increment Financing Lawyers Near You
111 East Wacker Drive, Suite 2600, Chicago, IL 60601
1 North Wacker Dr, Suite 3700, Chicago, IL 60606-1901
110 N Wacker Drive, Suite 3800, Chicago, IL 60606
71 South Wacker Drive, 47th Floor, Chicago, IL 60606
120 South Riverside Plaza, Suite 2200, Chicago, IL 60606
155 North Wacker Drive, Suite 3800, Chicago, IL 60606
161 N Clark, Suite 4500, Chicago, IL 60601
111 W. Jackson, Suite 1700, Chicago, IL 60604
55 West Monroe Street, Suite 1200, Chicago, IL 60603
321 N Clark St, Suite 500, Chicago, IL 60654
200 S Wacker Dr, Suite 600, Chicago, IL 60606
311 South Wacker Drive, Suite 4300, Chicago, IL 60606
70 West Madison Street, Suite 5200, Chicago, IL 60602
321 N. Clark Street, Suite 1600, Chicago, IL 60654
1 North State Street, 15th Floor, Chicago, IL 60602
227 W Monroe St, Suite 3950, Chicago, IL 60606
161 North Clark Street, Suite 4300, Chicago, IL 60601
333 W Wolf Point Plaza, Chicago, IL 60654
70 West Madison Street, Suite 3300, Chicago, IL 60602
191 North Wacker Drive, Suite 1601, Chicago, IL 60606
35 West Wacker Dr, Suite 3400, Chicago, IL 60601
222 W Adams St, Suite 3400, Chicago, IL 60606
1240 N Lake Shore Dr, Suite 8A, Chicago, IL 60610
150 N Riverside Plaza, Suite 2800, Chicago, IL 60606
20 N Clark St, Suite 3200, Chicago, IL 60602
Summit 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 Summit, 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 Summit?
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