City of Colona TIF Information
The City of Colona currently has two active Tax Increment Financing (TIF) districts.
TIF II, known as Heartland TIF, was created to build a residential development in the Level Acres subdivision off of Poppy Garden Road. While the project was completed years ago, the TIF remains to pay off the developer notes as well as declaring some of the TIF increment as surplus and re-distributing it back to the taxing bodies. TIF II has been terminated as of December 31, 2017 and the fund closed out as of April 30, 2018. A final audit has been completed and is available for view.
TIF III runs along IL Hwy 84 encompassing part of Colona’s business district. It begins on 10th Avenue on the west side of Hwy 84, includes 1st Street and the east side of 2nd Street extending north to the canal. On the east side of Hwy 84, the TIF includes the 800 block of Green Park Avenue plus City Hall property at 100 East 9th Avenue. The TIF includes the street of Green Park Avenue (east of Hwy 84) north from City Hall to East 5th Avenue, but not the buildings. It also includes East 5th Avenue and the property south of the canal. TIF III expires in 2023. TIF III active projects include a small subdivision called Greenview Estates located at Greenview and East 5th Avenue as well as a commercial parcel located on IL 84 (see sidebar on Available Sites page).
TIF IV includes commercial, industrial and residential property. It begins on US Hwy 6 (south side) with the Lavender Crest Winery property extending east to the property east of 550th Street (except for the Quality Repair property). The TIF then extends north of Rt. 6 to include the Stonebridge Crossing subdivision and continues north in a narrow band along Walnut Lane (where the water tower is located) to Poppy Garden Road. Along Poppy Garden Road (south side), the TIF extends east to include Werner Restoration Services property and the Beautiful Savior Lutheran Church. Scott Family Park is not in the TIF. TIF IV expires in 2027. There is commercially zoned land available both on the north and south side of US Hwy 6 (frontage property) in the Stonebridge Crossing subdivision on the north side and east of East 550th Street on the south side of US Hwy 6.
If you would like more information regarding Colona’s TIFs and available property, please contact the city at 309-792-0571.
For more information about TIFs in general, please go to the link below which is part of the Illinois Tax Increment Association website. The City of Colona is a member of this organization.