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Marion City Council Residential TIF II is coming


 
Posted on 1/26/2022, 12:01 AM

MARION -- The Marion City Council took the first step on Monday night in creating a second residential tax increment financing district, with the approval of an interested-parties registry regarding the creation of Residential TIF II.

Under tax-increment financing, taxes are refunded or diverted to help finance development in blighted areas. Governments also use TIF to pay for public infrastructure improvements.

Mayor's Chief of Staff Cody Moake told the council that the first public hearing on Residential TIF II is set for 5 p.m. on Feb. 14, before the next regular council meeting.

He said the TIF would be bounded roughly just north of Wildcat and Westminster on the south, Interstate 57 on the west, Main Street on the north and Court Street on the east. Residential TIF I covers the southeast of the city, south of Main and east of Court.

 
 
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