The Village of Godfrey continues to look at the positives and negatives of establishing a TIF District, as it prepares for what is expected to be a business boom once Illinois 255 is completed. The Village Board has approved a resolution providing for a feasability study on the designation of a redevelopment project area, approved a resolution allowing the village to recoup the money spent establishing the district, and has also given first reading to an ordinance to establish a Tax Increment Financing "Interested Parties" registry.
Keith Moran of Moran Economic Development says that is one of the first steps in the process of creating a TIF District.
Trustees have cited a need to improve infrastructure near what will eventually be the town center, and a TIF District could potentially establish a revenue source to help pay for that project and others. The board also gave final approval to measures that will let the founders of Ridgebrook Brewery set up their business, and for the IBEW to build an educational facility on its property on Humbert Road.