Yet another TIF district is in the works.
The Springfield City Council is moving ahead with plans for a second east-side TIF district, this one would include the land that will eventually house a new Schnuck’s store.
City officials say the TIF will help spur needed development in that area of town.
A study will be conducted to estimate how much money might be raised from the tax increment financing district, money that will go to pay for further development within the TIF zone.
The newly proposed TIF would join boundaries of an already existing TIF that expires in 2018. If the newly TIF passes as expected, the two districts can share in the deferred property tax money to update and beautify properties.
Final approval of the new east-side TIF could still be months away.
