Senate Approves Litchfield TIF Extension
Tue, 01 May 2018 11:16:56 CDT
Last week, the Illinois Senate approved the extension of a Tax Increment Financing (TIF) district for the city of Litchfield for another twelve years.
The bill would extend the life of the city's TIF district to 35 years from the originally set 23. The TIF was established June 2, 1998, and is set to expire at the end of 2021. The legislation would push the expiration to 2033.
At a Senate Committee meeting last Wednesday, State Senator Andy Manar told other members of the committee that Litchfield has what he would describe as "an incredible number of positive economic development projects that are happening, and that the certainty of the TIF is critical to many of the things the city is doing in an aggressive way for job creation for both Montgomery and Macoupin counties."
The committee approved the measure Wednesday, followed by the full Senate Thursday afternoon. It has been sent to the house for consideration. Joining Senator Manar at the committee meeting were various Litchfield officials, including Mayor Steve Dougherty.
(Photo Courtesy of the Office of Senator Andy Manar)
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