Tax increment financing (TIF) is a device that makes use of tax beneficial properties for neighborhood enchancment and redevelopment initiatives. The Central Space TIF district in downtown Springfield was created in 1981 and later prolonged by 12 years, then prolonged once more by the legislature in 2016 for one more 12 years, making it the primary within the state to obtain a second extension.
There are a complete of eight different energetic TIF districts all through the town: the Far East Aspect, Enos Park Neighborhood, SHA (Madison Park Place), Northeast, MacArthur Boulevard, Dirksen Parkway Business, Peoria Street and Lumber Lane. The boundaries of the Central Space TIF district span north to south between Carpenter Avenue and Edwards Avenue, and east to west between eleventh Avenue and First Avenue. It’s the oldest TIF district and in addition thought of essentially the most profitable, with companies and property homeowners who’ve been benefitting from TIF funding for greater than 4 a long time.
Many important downtown initiatives have acquired funding, together with the Abraham Lincoln Presidential Library and Museum, Kidzeum of Well being and Science, Bicentennial Plaza and the brand new downtown YMCA. The TIF has additionally assisted with creating extra housing downtown, akin to changing a former church to the Centre@501 and turning outdated upper-story workplace area into residences.
The spending has not been fully with out controversy, together with $750,000 used from the downtown TIF for roof repairs to the Municipal Heart in 2017 and $600,000 awarded to Horace Mann final yr for demolition of two buildings to create a car parking zone. Smaller initiatives have additionally sparked heated debates at metropolis council conferences, notably over whether or not nonprofits (which do not generate tax income) ought to be eligible for funding.
However TIF can also be used to help initiatives akin to infrastructure and public utilities enhancements and streetscape beautification. Having a revitalized and enticing downtown is one thing everybody can help, together with wanting our historic central core to be a phenomenal and energetic place.
