TIF Information

[Marie Carnes]

The State Journal-Register has some informative articles on Tax
Increment Financing and how it works in today's paper:

http://www.sj-r.com/local/x1737133882/City-council-rejections-of-TIF-funding-requests-buck-trend

"City council's rejections of TIF funding requests buck trend -
Supporters say program’s purpose often misunderstood"

By DEANA POOLE
THE STATE JOURNAL-REGISTER
Posted Dec 27, 2008 @ 11:23 PM

"The Springfield City Council’s vote against the Lincoln-era
Maisenbacher House earlier this month marked only the second time in
at least five years that a private developer’s request for tax
increment financing was rejected.

"Both proposals, which also included converting the former downtown
YWCA building into condominiums, were shot down by aldermen in the
last few months. And both went down by the same 6-4 vote.

"Getting approval for TIF funding usually isn’t controversial. It’s
typically so routine the proposals are often put on the council’s
consent agenda and not discussed. Two former Springfield mayors
couldn’t recall a TIF project during their tenures that was voted
down.

"Supporters say that although tax increment financing is a simple
concept, many people don’t understand its purpose or how it works.

“It’s really one of the only economic development tools that downstate
communities have at their disposal,” said Jim Donelan, executive
assistant to Mayor Tim Davlin.

"Back in the 1980s, the General Assembly passed legislation that made
Illinois the 25th state to allow tax increment financing, according to
the Illinois Tax Increment Association. TIF districts are intended to
help spur economic growth in blighted areas.

"Springfield’s first TIF district, encompassing downtown, was approved
in 1981. It’s considered the city’s most successful TIF district. The
city now has eight.

[...]

See also:

http://www.sj-r.com/time_out/x16589447/Enos-Park-association-president-lobbies-for-TIF-funds-to-fix-500-homes

http://www.sj-r.com/time_out/x1277299831/Questions-answers-about-tax-increment-financing

http://www.sj-r.com/time_out/x512366044/Where-has-Springfield-s-TIF-money-gone

[Marie Carnes]

I realize that the downtown TIF District has nothing to do with Ward
2, but this seemed like a good time and topic with which to start a
discussion.

On Dec 28, 1:10 pm, Marie Carnes <mariecar...@gmail.com> wrote:
> The State Journal-Register has some informative articles on Tax
> Increment Financing and how it works in today's paper:
>

> http://www.sj-r.com/local/x1737133882/City-council-rejections-of-TIF-...

> http://www.sj-r.com/time_out/x16589447/Enos-Park-association-presiden...
>
> http://www.sj-r.com/time_out/x1277299831/Questions-answers-about-tax-...
>
> http://www.sj-r.com/time_out/x512366044/Where-has-Springfield-s-TIF-m...