There are ample opportunities for retail/commercial, office, and industrial development in the City of Jerseyville. The following provides information related to economic development in the community, from demographic and economic characteristics to available incentive programs.
CITY DEMOGRAPHIC INFORMATION
REGIONAL DEMOGRAPHIC INFORMATION
The following tables show the regional demographic information for a 5, 10, and 20 mile radius from the City.
TAX INCREMENT FINANCING
The City of Jerseyville currently has two tax increment financing (TIF) Districts. Tax increment financing is a development tool designed to help finance certain eligible improvements to property in designated redevelopment areas (TIF districts) by utilizing the new, or incremental, tax revenues generated by the project after completion. Upon the creation of a TIF District, the current property values within that district become a base value from which it cannot decrease. Any projects or improvements that cause an increase in value over that base would create an increment in value, and the incremental tax revenues from that increment in value are paid to a “special allocation fund”. The proceeds of the fund are then used to reimburse the developer for eligible project costs or to retire indebtedness incurred to cover those costs. Eligible project costs are the total of all reasonable or necessary costs incurred or estimated to be incurred and any costs incidental to a redevelopment plan or project. Specifically, these costs include, but are not limited to:
- Costs of studies, surveys and plans
- Professional service costs (architectural, engineering, legal, financial, etc.)
- Property assembly costs (acquisition, demolition, clearing and grading)
- Costs of rehabilitating, reconstructing, remodeling of existing structures
- Costs of construction of public works
- Financing costs, including issuance interest and reserves.
TIF District I Map
TIF District II Map