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Tax Increment Financing Consultant Services
8/15/2025
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McHenry, IL
City of McHenry Economic Development Department
Buyer is seeking proposals from qualified firms to evaluate the creation of Tax Increment Financing (TIF) Districts in two geographic areas of McHenry. The areas under consideration include the Richmond Road Corridor/McCullom Lake Road and Main Street/West Illinois Route 120 Corridor/Elm Street areas, both connecting to the existing Downtown TIF District. Buyer requires consultants to evaluate financial feasibility and provide recommendations on TIF district boundaries, structure, and potential revenues.
- 8/15/2025 - Proposal Due Date
Refer to RFP
- Review TIF qualifying factors and document a qualification factor file
- Recommend and refine TIF district boundaries according to statutory requirements
- Investigate feasibility and timing implications of using TIF as funding mechanism
- Identify most economical TIF structure for maximum incremental financial benefit
- Prepare estimates of potential TIF revenues and supportable public debt
- Assess impacts on affected taxing districts
- Prepare housing relocation plan if required
- Provide cost/benefit analysis for each recommended TIF District
- Prepare TIF Eligibility Report with supporting documentation
- Attend 2-3 meetings for public presentations and findings discussion