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City officials are asking Commercial Street stakeholders to name the most needed priorities to be funded by a tax increment financing plan.
Photo courtesy Historic C-Street
City officials are asking Commercial Street stakeholders to name the most needed priorities to be funded by a tax increment financing plan.

C-Street stakeholders asked to prioritize TIF projects

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City of Springfield staff and council members are hosting a public input meeting later this month to prioritize the spending of revenue captured by Commercial Street’s tax increment financing plan.

Staff from Springfield’s Economic Development office will join Zone 1 Councilwoman Phyllis Ferguson and Zone 2 Councilman Tom Prater Aug. 30 at White River Brewing Co., 505 W. Commercial St., for the meeting, according to a news release.

“Commercial Street residents, property owners and business owners have identified more than $5 million in public improvement projects that they’d like to see on C-Street,” Springfield Economic Development Director Sarah Kerner said in the release. “The purpose of this annual meeting is to identify and prioritize projects to be funded with TIF revenues.

“We also have options to bank all of the revenues for future projects or bank a portion of it and spend a portion.”

The C-Street TIF fund currently has a nearly $500,000 balance. Annual revenues are projected to hit $180,000 by 2019, up from $160,000 in 2015.

Potential projects include a targeted facade loan program, as well as improvements to public parking lots, alleys, crosswalks and driveways, according to the release.

After C-Street stakeholders prioritize the projects, city staff plan to make their recommendation to City Council.

Council adopted the C-Street TIF in April 2008. It covers redevelopment work from Grant Avenue to the west and Janss Lumber to the east, according to the release.

“TlF is based on the premise that there will be an increase in the value of real property, new jobs and other economic activity within the redevelopment area as redevelopment occurs,” Kerner said in the release. “As the property is improved, the assessed value of real property in the redevelopment area increases above the base level. By capturing the increase in the assessed value of the property over the base level, a tax increment is produced.”

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