TIF Districts provide funding for public infrastructure that would not otherwise happen and jumpstart economic recovery in distressed area, but many areas of the City currently don’t benefit from a TIF and continue to suffer neglect and abandonment. Downtown Springfield benefits from its own TIF producing $5 million annually for exclusively downtown projects, and Enos Park benefits from its $400,000 annual TIF, recently used to implement lighting and sidewalk improvements.
MacArthur TIF
On September 6, 2011, the Springfield, City Council voted to begin creation of Springfield’s ninth tax increment financing district along MacArthur Boulevard, an initiative sponsored by me and Ward 6 Alderman Cory Jobe. The proposed TIF district area would include both sides of MacArthur from South Grand Avenue to Summit Avenue, from alley to alley, but would include only properties fronting the street. Aldermen also approved a $29,000 contract with Peckham, Guyton, Albers & Viets Inc. to serve as the city’s consultant on creation of the district.
Private funding for the TIF start-up will come from The Chamber $10k, Town and Country Shopping Center $10k, Town and Country Bank $3k, Leland Grove $1k, City of Jermoe $1k, and the MBBA $5k. The seed money would be paid back from TIF revenue.
The set-up plan will follow an accelerated schedule for TIF formation, including preparation, an eligibility study, Springfield City staff review, public hearings with all public taxing bodies and proximate property owners, and the Joint Review Board. The TIF could be finalized as early as February or March of 2012.
A timeline for the start-up process can be downloaded here… (PDF)
TIF Update November, 2011
The City Council adopted the first of several resolutions and ordinances in September 2011 to establish the “Mac” TIF. On Nov 18, our City filed a Redevelopment Plan for the corridor with the City Clerk. This will now trigger a series of Notices and events culminating with a Public Hearing in early 2012. Hopefully the TIF will finalize by late February and Hy-Vee can then break ground. Hy-Vee can use future real estate tax revenue (TIF funds) derived from increased property values at the site and reimburse itself for some of its development costs. Follow the SJR and other news sources for more information.
TIF Update December, 2011
The Joint Review Board voted unanimously December 23 to recommend adoption of MacArthur TIF.
TIF Update January, 2012
By Deanna Stroisch, State Journal Register – January 20th
About 20 people attended the 20-minute hearing at Municipal Center West — one of the largest crowds for a public hearing that Mike Farmer, the city’s director of planning and economic development, can remember.
In its 77-page report, PGAV Planners estimates that redeveloping MacArthur from South Grand to Summit avenues — the area eyed for the new TIF — could cost $27.5 million. Most of that eventually could be paid for through the district. Consultants suggested a redevelopment plan consisting of both private and public investments, ranging from fixing streets and sidewalks to rehabilitating existing properties and demolishing others. The 106-acre study area includes a total of 183 parcels, of which only four are vacant land.
Ward 7 Ald. Joe McMenamin said there is “overwhelming support within Ward 7 and along the boulevard.”
Aldermen will debate three different proposals creating a tax increment finance district along MacArthur Boulevard, along with a plan to redevelop the area next month. A final vote could come Feb. 21. Council debate and a vote on creating a new TIF district, along with a plan to redevelop the area, are scheduled for next month.
Husband