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.
MBBA Supports the TIF Agreement between the City of Springfield and Hy-Vee
The Macarthur Boulevard Business Association (MBBA) commends the City of Springfield Office of Economic Development, Corporation Council and Mayor Mike Houston in their efforts to compose a Development Agreement with Hy-Vee, Inc. for the re-development of the former K-Mart/Town and Country bowling alley site between Cherry Road and Outer Park Drive along MacArthur Boulevard that provides an incentive to Hy-Vee to re-develop the site through reimbursement of certain unusual re-development expenses with MacArthur Boulevard Corridor Tax Increment Finance Funds.
The MBBA believes the agreement properly allocates tax increment funds generated by the Hy-Vee site redevelopment toward reimbursement of eligible expenses incurred by Hy-Vee and also provides incentives for Hy-Vee to continue operations on the site through the length of the agreement.
The MBBA envisions the Hy-Vee project to be a vital anchor to the redevelopment of the MacArthur Boulevard corridor that will provide a needed retail service to the surrounding neighborhoods and will provide an economic boost to the surrounding area and the entire City.
The MBBA fully supports the execution of the proposed development agreement and encourages the City Council Committee of the Whole to place ordinance 2112-488,” An Ordinance Authorizing Execution of the Agreement…” on the City Council agenda and vote for passage of that ordinance.
For more information contact, Jen Dillman, President, at 217-691-0592 or email@example.com
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MacArthur TIF Report
The PGAV report can be downloaded here... (PDF)
Hy-Vee Expected to Ask for TIF Assistance
Posted Feb 25, 2012
Aldermen OK MacArthur Boulevard TIF district
Posted Feb 21, 2012
Springfield aldermen on Tuesday unanimously approved the city’s eighth tax increment finance district — this one intended to revitalize a struggling section of MacArthur Boulevard.
Ward 6 Ald. Cory Jobe said the TIF district will spur future development in the area. “I think it’s the next step for Hy-Vee,” Jobe said. “And the commitment that Hy-Vee will be bringing to Macarthur Boulevard will signal that you can do business in the inner city and here’s an incentive tool to help you do it.”
The TIF district will include the section of MacArthur from South Grand Avenue to Summit Avenue. The Hy-Vee chain plans to build a grocery store and other facilities at MacArthur and Outer Park Drive.
PGAV Planners estimated that redeveloping that stretch of MacArthur could cost $27.5 million, much of which could be paid for through the TIF 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.
Read the full story at SJ-R.com...
TIF Update January, 2012
SJ-R Opinion: Approve TIF to spur MacArthur projects
SJ-R January 27
Widespread Support for MacArthur TIF
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.
Read the full story at sj-r.com…
TIF Update December, 2011
The MacArthur TIF is proceeding, with the PGAV report finding the area eligible for TIF. The Joint Review Board voted unanimously December 23 to recommend adoption of MacArthur TIF. The vote is advisory. School District 186 appears favorable to the TIF, and stands to gain interim funds for additional students that may be added to the TIF area plus long-term revenue from the increased value of property taxes after the TIF expires. A Public Hearing on the TIF will be Jan 23 at noon in City Council chambers. The PGAV report can be found at http://www.springfield.il.us/oped/MacArthur%20TIF.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.
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)
The PGAV report can be downloaded here... (PDF)
Aldermen Vote to Begin Creation of 9th Springfield TIF - MacArthur Area
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SJ-R September 6, 2011
MacArthur TIF district. Aldermen voted to begin creation of Springfield’s ninth tax increment financing district along MacArthur Boulevard.
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 that front 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. The process could take more than a year.
MacArthur Boulevard TIF proposals submitted to aldermen
By DEANA STROISCH (firstname.lastname@example.org), THE STATE JOURNAL-REGISTER, Posted Aug 17, 2011
Proposals to create Springfield’s ninth tax increment financing district along a struggling section of MacArthur Boulevard were introduced to aldermen this week.
Mayor Mike Houston said he believes the area will meet the requirements needed to be designated as a TIF district. “The real secret in terms of dealing with something along MacArthur is limiting the boundaries,” he said.
The city is targeting MacArthur Boulevard from South Grand Avenue to Summit Avenue. Houston said the TIF district area would include both sides of MacArthur — from alley to alley – but include only properties that front the street. The troubled MacArthur Park Apartments probably won’t be included in the district, Houston said.
The proposal is sponsored by Ward 6 Ald. Cory Jobe and Ward 7 Ald. Joe McMenamin, whose wards include MacArthur Boulevard.
“I support a TIF for the area because it is critical to create incentives that will help attract development to the inner city,” Jobe said. “A TIF can also help toward beautification efforts along the boulevard as identified in the Lakota Group Master Plan.”
Aldermen next month also will vote on a contract with Peckham, Guyton, Albers & Viets Inc. to serve as the city’s consultant on creation of the district. The city’s cost is estimated at $15,000.
“With the passage of both ordinances, what we would be in the position to do is to have a consultant begin the work to certify that we can meet the requirements of the tax increment district,” Houston said. “Once we’ve met the requirements, we then have to turn information into the state and have it approved.”
That process can take more than a year.
Read the full story, including "What is a TIF?" at SJ-R.com...
MacArthur TIF supporters to ask city for $15K
Read the full story at SJ-R.com...