Economic Development
Tax Increment Financing (TIF)
The City of Arcola also maintains 2 active TIF Districts. The City has a variety of programs including grants and tax rebates that are funded through the TIF. These programs are designed to help new and existing businesses with capital improvement projects. For more information about these programs and how they work, please contact Bill Wagoner at (217) 268-4966.
Southwest Residential TIF Proposal
The Project Area contains approximately 66 acres, including street rights-of-way, and 72 parcels of real property. The Project Area is built out and contains mostly single-family homes with commercial parcels adjacent to West Springfield Road and US Highway 45. The homes are generally older homes with few buildings constructed within the past 35 years. The Project Area surrounds one of the City’s newer developments: the Rider Place Apartments. The Area has few vacant buildings or undeveloped lots. Deterioration of rights-of-way is consistently present in the proposed Project Area north of West Springfield Road.
The City may consider the use of tax increment financing, as well as other economic development resources as available, to facilitate private investment within the Area. It is the intent of the City to induce the investment of significant private capital in the Area, which will serve to redevelop aging properties and infrastructure that will likely enhance the tax base of the community. Furthermore, in accordance with Section 11-74.4-3(n)(5) of the Act, a housing impact study need not be performed since the redevelopment plan will not result in the displacement of ten (10) or more inhabited residential units.
This certification is provided in Section IV of this report.
The Act sets forth the requirements and procedures for establishing a Redevelopment Project Area and a Redevelopment Plan. The following sections of this report present the findings of eligibility and the Redevelopment Plan and Project for the Area, as well as other findings, evidence, and documentation required by the Act.