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TIF Districts Considered

Mon, 07 Oct 2013 04:18:48 CDT
By: Charlie Schlenker

Bloomington Normal governmental bodies and schools are reviewing a proposal to beef up economic development incentives with local property tax abatements. Ken Springer of the Economic Development Council says relying on Tax Increment Financing District incentives is a mild way to attract business and most other large communities in the state also have direct incentive....

:11   me mid q: put on the table
     Springer says TIF funding can offset 3-5 percent of project costs for business. He says standard incentives in economic development range from 10 to 30 percent for really big corporate installations...

     A draft memorandum of understanding would create guidelines for incentives, but Springer says city councils and the county board and school districts would sign off on each individual development agreement.

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