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August 23, 2014, 2:30 am
970 WMAY News

TIF Proposal Gets Cold Shoulder From City


The City of Springfield doesn’t sound too sympathetic to the Springfield school board’s desire to cash in on tax increment finance districts early. 

 

Generally, TIF districts are set up to reinvest increased property tax revenues for a period of more than 20 years… rather than sending that additional revenue on to taxing bodies like the school district.  District 186 wants to have 10% of money from future TIF districts handed over immediately.

 

But Springfield economic development director Mike Farmer says that defeats the purpose of a TIF… and says TIFs are still a good deal for the school district, even if they have to wait a couple of decades for the payoff.

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