The Village of Godfrey continues to look at establishing a TIF District and a Business District, as it prepares what is expected to be a business boom once Illinois 255 is completed. The Village Board has been briefed on a regular basis by Keith Moran of Moran Economic Development, who was recruited for his expertise on the process.
Godfrey Mayor Mike McCormick says one big difference between the TIF District and a Business District is that the TIF is driven off property tax, while the Business District is driven off of sales tax. He says the sales tax is a fair tax.
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 Business District will virtually mirror the TIF. Upgrades to roads, sidewalks and sewers have all been mentioned as needs within the two districts' boundaries.