After considering the idea a few weeks ago, the Godfrey Village Board has approved a proposed Municipal Project Funding plan in the hopes that it spurs development in the Village's TIF and Business Districts. The measure approved last night establishes the process by which a developer or business could receive funding through a partial cost-match program.
There are no set criteria for a developer to be considered, they just need to have a clear idea and be able to explain why the service they are offering will succeed and how it will improve the Village of Godfrey. The entire application and approval process could take more than six months and Godfrey Mayor Mike McCormick says that more development translates into more sales taxes which means more savings for the residents of Godfrey.
McCormick says that developers have shown interest in Godfrey and that his will go a long way in turning that interest into actual construction.