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October 22, 2014, 6:02 pm
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Developer Says TIF Offer Not Enough


Springfield Aldermen are looking at ways to help the PNC Bank development in downtown Springfield get the money they need to restore the building.

 

Developers of the building say the project could cost $2.7 to $3.5 million and the $312,000 the city offered in Tax Increment Finance funds will not help complete the project.

 

Economic Development Director Mike Farmer said that the Central Area TIF district is getting low on funds and it's to the point now where developers may have to wait until 2016 to get the promised money while the district accumulates more funds.

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