House Approves Extension of Litchfield TIF District
Fri, 25 May 2018 12:37:25 CDT
The Illinois House passed Senate Bill 424 Tuesday, enabling an additional twelve years of Tax Increment Financing for District One in the city of Litchfield.
The bill would extend the life of the city's TIF district to 35 years from the originally set 23. It was established June 2, 1998, and is set to expire at the end of 2021. The legislation would push the expiration to 2033, and would cover the downtown business district, the commercial corridor along Route 16 and the crossing along Historic Route 66. The extension had previously passed in the Senate and now, after passing in the House, awaits the Governor's signature before becoming law. If the Governor signs it, the bill would become effective immediately.
Litchfield Mayor Steve Dougherty, along with city Administrator and Economic Development Director Tonya Flannery, have consulted with State Representative Avery Bourne and State Senator Andy Manar prior to the bill passing both houses of the General Assembly.
The approval of each taxing body the district affects was required before the extension was granted.
WebReadyTM Powered by WireReady®NSI