Assembly extends Springfield's Downtown TIF District
The Illinois General Assembly recently passed legislation that extends Springfield’s Central Area TIF District (Downtown TIF).
Under the Downtown TIF (tax-increment financing district), downtown development projects will be completed over the next 12 years at a cost of approximately $30 million, which will come from TIF funding over the course of just over a decade.
“This achievement will have a monumental impact on the City of Springfield and downtown,” Mayor Jim Langfelder said. “Even though we knew this unprecedented extension was a long shot, it was essential for the long-term vitality of downtown and the heart of our capital city.”
The original Downtown TIF District has realized major changes and development through this financing method. City leaders hope the extension will bring even more success in terms of revitalizing downtown.
“We truly appreciate the taxing bodies that joined with us in supporting this extension, including Capital Township, Lincoln Land Community College, Sangamon County, Springfield Airport Authority; Springfield Mass Transit District, Springfield Metro Sanitary District, Springfield Metropolitan Exposition and Auditorium Authority, Springfield Park District and Springfield School District 186,” Langfelder said. “Thank you also to the legislators who supported this measure and especially to our local legislative officials for taking a leadership role. Our gratitude to Sen. Andy Manar, Sen. Sam McCann, Sen. Bill Brady, Rep. Sue Scherer, Rep. Tim Butler and Rep. Sara Jimenez for their support.”
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