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

Illinois Ranked at the Top for School Emergency Plans

school-security_generic

Illinois is the nation’s most improved state when it comes to establishing emergency plans for children

in Local

Prisons and Power

jail

A spokesman for AFSCME says power failures highlight a lack of necessary funding

in Election 2014, Local

Quinn and Rauner Agree: Don’t Raise the Gas Tax

GAS PUMP

Other ways to build and maintain roads, they say

in Local

Accident Leaves State Trooper Injured

isp crash

Cause of crash under investigation