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October 1, 2014, 7:30 am
970 WMAY News

Aldermen Want Transparency with Developments Using TIF Funds


Motor Inn in Springfield, image from WayMarketing.com
Motor Inn in Springfield, image from WayMarketing.com

With Tax Increment Finance funds getting low, Springfield Aldermen are asking questions about a 120 year old building being rehabilitated with TIF money.

 

Aldermen want to know how changes in the land use plans for developments utilizing Tax Increment Finance Funds were made without their knowledge.

 

At issue is a development that originally was going to use TIF funds approved by the city to develop a downtown space into residential units but later, under pressure from the Historic Preservation Society, changed their plan for the property to be commercial.

 

Director of Economic Development Mike Farmer says that TIF funds are used for beautification and bettering the value of the property and it doesn’t matter what the ultimate use will be.

 

Farmer says he did talk with Corporation Counsel Mark Cullen and the Mayor about the change and it was approved.

 

They also want more transparency about amendments to plans for developments using TIF funds.

 

The development is the old Motor Inn at 4th and 3rd on Monroe Street being rehabilitated by Barker Real Estate Company.

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