Village Trustees Explore TIF District Options
At their June 2nd meeting the Arthur Village board learned about TIF District operations and benefits from Dan Walker, an economic developer from Bloomington, Il.
TIF districts or Tax Increment Financing Districts are commonly used in Illinois to spark economic development within their boundaries, by capturing any property taxes generated on increased property tax assessments due to new or upgraded property improvments within the designated district area. The property tax money generated on increased assessments on new homes or business expansions is able to be used locally to provide incentives to generate even more growth.
Most towns around Arthur already take advantage of TIF Districts to attract growth to their communities. Arthur would hope to attract new homes to the North Vine St. and other subdivisions, and other new business into the community.
The board took no action at the meeting but Mayor Dave Conlin asked the trustees to consider how a district could benefit Arthur.
