Introduction/"A Note From the Mayor.."

In 1999 the City of Wheaton voted to establish a second Tax Increment Financing (TIF) District in the Central Business District. TIF is a tool that permits cities to attract private development and investment and may only be used when private development is not likely to occur without City assistance. The cost of the improvements funded by the TIF is repaid by the increased property tax revenues that arise from the redevelopment.

Redevelopment in the City's first TIF District established in 1993, is underway and so far has resulted in the development of over 150 condominiums, a four story municipal parking structure, and about 5,000 square feet of new commercial space now occupied by LaSalle Bank FSB. The last phase of this redevelopment project is the construction of 3,000 square feet of retail space to balance the project.

The focus of the second TIF District is the revitalization of the Main Street corridor into a vibrant mixed use center which contributes to the health and vitality of Wheaton's Central Area and to the Community as a whole. The City of Wheaton hopes to ensure that existing and new developments reflect the high quality character of Downtown Wheaton. We want to maintain and diversify the existing economic base of the community, while supporting public/private partnerships to promote economic development in Downtown Wheaton.

We envision a thriving Downtown anchored by a newly renovated supermarket and numerous other new businesses. A healthy mix of unique retail and dining experiences will compliment expanded services to fulfill the needs of new Downtown residents. Decorative gateways will welcome visitors to the Central Business District and complement a tailored streetscape.

Much of what has been accomplished is due to the Downtown Wheaton Association, the Wheaton Chamber of Commerce, and the City of Wheaton working in collaboration to achieve a common goal. We are all committed to the revitalization of Downtown Wheaton so it remains the heart of our community for generations to come.

Mayor Michael J. Gresk

For a copy of the TIF document, please contact the DWA at (630) 682-0633.
FAQ about TIF