Litchfield working to extend TIF expiration date
SPRINGFIELD – The Illinois Senate has approved extending the expiration date of a key economic development tool for the city of Litchfield.
Senate Bill 424, sponsored by Sen. Andy Manar, D-Bunker Hill, would extend the life of the city’s tax increment financing district to 35 years from 23 years. The TIF was established June 2, 1998, and is set to expire at the end of 2021. The legislation would push the expiration to 2033.
Manar was joined by Litchfield officials including Mayor Steve Dougherty during Manar’s presentation to Senate committee last month.
“The city of Litchfield has what I would describe as an incredible number of positive economic development projects that are happening,” Manar said. “The certainty of this TIF is critical to many of the things the city is doing in an aggressive way for job creation for both Montgomery and Macoupin counties.”
Entering this week, the measure was in the House rules committee for consideration.
PHOTO: State Sen. Andy Manar (left) and Litchfield Mayor Steve Dougherty present legislation extending the expiration of Litchfield’s TIF district to the Senate Revenue Committee.