Wood River will soon begin the process of applying for a 12 year extension of its Business Park TIF District, officially known as TIF 2. It could be a lengthy process to first apply for, and then wait for approval, so the city's Director of Finance says getting the ball rolling soon would be in the city's best interest.
To extend the Tax Increment Finance District, the General Assembly would have to approve it, and the governor would have to sign the bill. But Tracy Kennett says there's other work to be done to get to that point.
Click here for Kennett's comments
Those taxing districts include the various school districts, LCCC, and St. Louis Regional Airport. Kennett says the city has historically used this TIF for a number of infrastructure upgrades, such as projects at EnvioroTECH Business Park and the sewer plant. This TIF also includes much of the land along Old St. Louis Road, Little Italy, City Hall, and the Wood River Aquatic Center.