LITCHFIELD - The Illinois House passed Senate Bill 424 on Tuesday, enabling an additional 12 years of Tax Increment Allocation Financing (TIF) District 1 for the city of Litchfield. State Representative Avery Bourne (R-Raymond), House Sponsor of the bill, and Senator Andy Manar (D-Bunker Hill), Senator Sponsor, consulted with Mayor Steve Dougherty and Tonya Flannery (City Administrator and Economic Development Director) regarding the asset the current TIF has been to the area and the need for an extension.
Rep. Bourne said, “This TIF extension will allow for the completion of a number of projects, as well as the further improvement of infrastructure. Extending the TIF will mean more investment, adding to the over $57 million in private investment the city has seen to date. This will be a tremendous asset for the city and surrounding counties given what it has accomplished in its initial installation.”
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Senate Bill 424 would extend the life of the city's TIF district to 35 years from the originally set 23. The TIF was established June 2, 1998, and is set to expire at the end of 2021. The legislation would push the expiration to 2033 and cover the downtown business district, the commercial corridor along Illinois Route 16, and the crossing along U.S. Historic Route 66.
After passing both houses, the legislation awaits the Governor’s signature before becoming law. If signed into law the bill becomes effective immediately.
