Marion TIF extension passes House

<h3 class="leadin">Legislation now goes to governor</h3>

submitted by mark decker

SPRINGFIELD - State Rep. Dave Severin (R-Benton) reported that Senate Bill 2303 to extend the Tax Increment Financing (TIF) district for Marion has passed the House with an amendment and now heads back to the Senate for concurrence on the amendment.

"I am proud to promote the success of Marion and the companies of southern Illinois," said Rep. Dave Severin, a member of the Business Incentives for Local Communities Committee in the Illinois House. "Creating good paying jobs and giving people a reason to stay in our area or come to Southern Illinois is a priority for me."

Illinois law allows units of local governments to designate areas within their jurisdiction as TIF districts. These districts dedicate sales tax revenues and additional property tax revenues generated within the TIF for improvements within the district to encourage new economic development and job creation. Funds may be used for costs associated with the development or redevelopment of property within the TIF, allowing blighted, declining and underperforming areas to again become viable, and allowing these areas to compete with vacant land at the edge of urban areas.

Projects in TIF districts typically include redevelopment of substandard, obsolete, or vacant buildings; the financing of public infrastructure improvements, including streets, sewer, and water; cleaning up polluted areas; Improving the viability of downtown business districts; rehabilitating historic properties; and providing infrastructure needed to develop a site for new industrial or commercial use.