Aldermen to Vote on Ordinance Creating 32nd TIF District
By: Sabrina Santucci
Updated: September 24, 2012
TIF Districts are a measure that gives developers a tax break encouraging them to invest in the area.
If the final ordinance is passed the Mulford and
The proposed plan is a pay as you go TIF. The city won't take out any bonds to fund it and 15% of the TIF's tax increment will go to the city's general fund.
One Alderman who voted against the project says the area does not meet the criteria of a TIF District.
2nd Ward Alderman Pat Curran said "it is a stretch to support this thing and I will not support it."
Supporters
say the city has lost millions of dollars in sales tax revenue because of the lack of
businesses in the area from Alpine to Mulford along
6th Ward Ald. Lenny Jacobson explained "hopefully we'll entice other developers to come into the area and to put forth some money and revitalize and regenerate that whole area."
City council will make its final vote on the ordinance next Monday.
