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September 2, 2014, 9:13 am
970 WMAY News

Expiring Park South TIF Means Reserves Payout to Taxing Bodies


Springfield Public Schools are getting a seven-figure Christmas gift…a few days early.

 

The City of Springfield presented checks to District 186 and nine other local taxing bodies Thursday, splitting up the remaining proceeds from the expired Park South tax increment finance district.

 

The TIF was created to promote development in the area that once contained the old Fiat Allis plant. Almost 25 years later, Park South is a boomtown of development.

 

And not only will the local governments get the windfall of the remaining money in the TIF, they will see increased property tax receipts going forward, now that those tax dollars are no longer being reinvested in the expired TIF.

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