Springfield Officials Prepare for Life After Downtown TIF
Springfield officials are starting to plan for what's next after the city's downtown Tax Increment Finance District expires at the end of 2016. Created in 1981, the district gives financial incentives to those who develop in the downtown area.
Any real estate tax revenue beyond what the property value was in 1981 is siphoned into a fund to be used for economic development. Cahnman says downtown has come a long way since 1981, but it likely cannot yet attract new businesses without incentives.
He says the city is exploring other options, such as a special taxing district like the one that helped Scheels locate on south MacArthur.
