DECATUR — The Decatur City Council approved spending $71,000 on twin studies looking at the prospects of creating two new tax increment financing districts, or TIFs.
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The city of Decatur is proposing an East Pershing tax increment financing district. It would stretch from north of East Pershing Road and run south to Torrence Park along North 22nd Street. It would take in the surrounding commercial, industrial and residential areas on the city’s northeast side.
The city of Decatur is proposing a New Near North tax increment financing district. It would reach north up to East Garfield Avenue and East Olive Street, and run south towards East Eldorado Street. It will swallow and replace the city’s existing Near North TIF, which includes the Wabash Crossing area, and was established in 2003 but is due to expire in December of 2027.
Pat McDaniel
Horn
Series: Tax increment financing districts
Tax increment financing uses anticipated property tax increases to spur development. TIF districts freeze property tax revenue going to governments and place the additional revenue generated by property improvements into a special fund to reimburse the developer for infrastructure expenditures. TIFs can last up to 23 years.
DECATUR — A home in Decatur for Rural King happened with the help of a tax increment financing district but came with extra costs.
LeROY — The IGA Supermarket in LeRoy opened in December 2011 near City Hall and the Princess Theater. It’s an example of one of the small town…
DECATUR — While the city’s $14 million worth of renovations to the downtown streetscape draw praise from some residents and business owners, o…
SULLIVAN — Although it had other options when its office in Sullivan was remodeled, Metro Communications President Zak Horn said it was encour…
SPRINGFIELD — It has been 13 years since Illinois lawmakers approved a significant overhaul of the law that allows cities to create tax increm…
BLOOMINGTON — West Market Street was an aging thoroughfare in 1986 that was filled with homes that “literally had no floors,” said former Mayo…
SPRINGFIELD — When communities look to stimulate economic growth, they have several options designed to provide incentives to businesses.
A parcel within Eastgate Commons produced more than $110,000 in property tax revenue annually before Kmart closed in 2002. The amount plummete…
Contact Tony Reid at (217) 421-7977. Follow him on Twitter: @TonyJReid
Tony Reid
Macon County Courts Reporter
