MT. VERNON — All but one of the city’s four Tax Increment Finance District met goals for the year.
The findings were made during the Joint TIF Review Board meeting on Monday. The board, which is made up of representatives from the taxing districts represented in each district, met to discuss the TIF districts as part of annual statutory requirements.
“Each year the Joint Review Boards meet to look over the finances and determine if the goals of each TIF district were met,” explained City Manager Ron Neibert. “The findings and reports are then sent to Springfield.”
The city has four TIF districts, the Downtown TIF, the Homestead TIF, the East Side TIF and the West Side TIF.
The TIF District which did not meet the goals was the Homestead TIF, located on the site of the former Homestead Golf Course. The TIF district is for residential development.
“The Homestead TIF District was formed because of a specific project, but the TIF District is still in place,” Neibert said. “The specific project discussed for the TIF did not come about, but if an individual wants to come in and develop for a new residential program, it could be funded (partially) through TIF, and we would be happy to work with them.”
The Downtown TIF District continues to be a successful district as well.
“The Downtown has seen a lot of success, and certainly the most activity,” Neibert said.
The East Side TIF, which is officially known s the I-67/Route 15 TIF is now meeting its goals for development, with the Drury Inn construction project.
“Last year, the Homestead TIF and East Side TIF failed to meet goals,” Neibert said. “That’s not true this year. With the Drury construction project, the TIF District is seeing development.”
The final TIF District of the city — the West Side TIF, also known as the Industrial Park Conservation Area TIF — also met goals.
“The IPC TIF has had some activity, mostly through the city doing the infrastructure needed for further development. We are also working on a couple projects.”