Supporters of a tax increment financing district on South MacArthur Boulevard plan to ask the city of Springfield for $15,000 toward the $49,000 cost of hiring a consultant and designing a plan for the district.
Ward 7 Ald. Joe McMenamin told a meeting of the MacArthur Boulevard Business Association on Thursday that he expects the request to be introduced to the Springfield City Council next week.
“It would be enough to accomplish all of the start-up implementation and to have a TIF in being roughly 14 months from today,” said McMenamin.
The initial proposal was for a district that would take in primarily retail areas on either side of MacArthur Boulevard from South Grand Avenue to Wabash Avenue. The TIF would allow for increased property tax revenue from new developments to be reinvested in district improvements. The area would become Springfield’s ninth TIF district if eventually approved by the city council.
McMenamin said the Greater Springfield Chamber of Commerce and the owners of Town and Country Shopping Center have pledged $10,000 each, while Town and Country Bank has committed $3,000 and the village of Leland Grove $1,000.
He said he hopes the remainder will be covered by the $15,000 supplemental appropriation from the city and $10,000 from the MacArthur business association in $5,000 installments spread across two fiscal years. McMenamin said he believes the votes to approve the district would be there on the city council, “since most of the money comes from outside of the city.”
Association president Debbie Cimarossa, who held the Ward 7 seat before deciding against a re-election bid this year, said the association board would have to vote on the $10,000 contribution requested by McMenamin.
“It’s not going to be inexpensive to do this,” said Cimarossa. “I see it as a good investment.”