The Danville City Council has approved a new Tax Increment Financing District for the downtown area. The TIF will allow the city, along with Downtown Danville, Incorporated, to offer new and existing downtown businesses incentives to improve their buildings.
DDI Executive Director Jordan Cundiff is excited that the TIF is moving forward. ‘’We’re thrilled at DDI to have the TIF pass,’’ said Cundiff. ‘’We’ve been working hard on this as partners with the city for awhile now. This opens the door for so many opportunities for development in the downtown area,’’ added Cundiff. He says the success of DDI events like Summer Sounds and Culture Shock are what enables DDI to financially partner with the City to get the TIF started.’’
The TIF will allow part of the property taxes raised within the district to be earmarked to help either upgrade existing property or new development. When a TIF district is formed a base value for all property in the district is determined. Property taxes determined by that base figure will still go to taxing districts. But as property value in the district grows the taxes collected above that base figure go into a special fund. Those monies are reinvested and leveraged to make improvements within the district. Under Illinois law a Tax Increment Financing District can last for 23 years. Currently about 40-percent of the more than 130 buildings located within the new TIF district are vacant.
The TIF district is bounded roughly by Main Street on the south, Seminary Street on the north, Franklin Street on the west, and Washington Street on the east.
