With the approval of a stopgap budget on Thursday, South Jacksonville is one step closer to a Tax Increment Financing extension.
Representative C.D. Davidsmeyer talked about the TIF extension today on WLDS’ “What’s On Your Mind?”
“I worked with John Greene in South Jacksonville and got in the game a little behind the 8 ball. I was working with other representatives in a similar situation,who were waiting on TIF districts to get extended. At the end of the day, they just combined it all into one big bill and we were able to get it through,” says Davidsmeyer.
“While they still have eight years left on their TIF, we wanted to make sure we could get it out to 20 years. That way they could continue to market and make sure people understand the taxes they are paying are staying right there.”
Mayor Steve Waltrip told WLDS-WEAI News this morning the taxing bodies have been approved by the trustees and Morgan County commissioners. The only thing holding back the deal is Governor Bruce Rauner’s signature, which Davidsmeyer says shouldn’t be a concern.
Property taxes generated in a TIF district stay in the TIF to help with things like infrastructure costs. A TIF agreement encourages investment with the district by not collecting property taxes on new development in the early stages of projects.
The current TIF agreement was created in 2001 and has attracted multiple projects, such as Prairie Power Inc. and Bartlett Grain Company.