News

TIF Discussions Set for Downtown Parking Lot, YWCA

TIF Discussions Set for Downtown Parking Lot, YWCA

Photo: Newsradio WTAX

Big plans could soon start taking shape in downtown Springfield. Aldermen aren’t sure what they are yet, but first thing’s first: purchase the land.

The City Council will begin discussions this week on using 1.5 million downtown Tax Increment Finance dollars to purchase a large parking lot and the old YWCA.

“What I would envision is some type of mixed use project that might involve some retail, might involve some office, might involve residential all mixed in together,” said Springfield Mayor Mike Houston.

The downtown TIF expires in 2016. The district will keep property values as they are now, and when they go up, they’re funneled back to the developer to subsidize the project.

The council begins discussions tomorrow and final approval is likely next week.

“It is a very, very¬†ugly piece of property that really sits right in the heart of the State Capitol Complex as well as the downtown,” said Houston.

Most of the property has been a parking lot since the Hotel Abraham Lincoln was demolished in 1978.

Recent Headlines

in Local

Rauner’s Justice League Is Together

jail

Goal: Cut prison population by 25 percent

in Local

LaHood Tours 18th District

darin lahood

Distances himself from dad's record

in Local

Manar, Tumulty Formally Support Hawkins

3-30-15 Rianne Hawkins Andy Manar Cecilia Tumulty

A former mayor and county and village official is backing a Springfield woman's bid to take the top job in the Springfield City Clerk's office in next week's election.

in Local

Congressman: Don’t Trust Obama Admin or Iran

rodney davis

Iran's possible reversal of a promise to ship out its atomic fuel is more proof that the Obama administration and its foreign policy are failures.