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City of Lincoln Investigating Implementing TIF District

The City of Lincoln has recently been investigating the possibility of implementing a TIF district.

The city has recently applied for a couple short term grants to help in a downtown revitalization vision they have. They have been awarded a grant from the Department of Commerce and Economic Opportunity. They also applied for an Illinois Transportation Program Grant, which would be a three year grant to improve their walks and sidewalks. Lincoln Mayor Keith Snyder feels implementing a TIF district would be the final phase to a three phase plan, which would be a long term fund.

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A TIF district would be something to new to Lincoln. Mayor Snyder says the city has never had a TIF district, although there have been discussions, nothing has come of them. The Mayor feels as though the downtown area would be a good starting point for their first TIF.

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The TIF district is going to have to be approved by the other taxing bodies in the City of Lincoln, which include the local Park District, the school district and the library district. Mayor Snyder says they are in the process of informing the other taxing bodies of their plans, and will work to answer their questions in a cooperative manner.

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Recently, property values have declined on the properties in downtown Lincoln. Mayor Snyder explains the increase in values and the added revenues would allow those businesses downtown to make improvements.

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Once the TIF has expired, the new assessed values of the properties goes on to the books for the taxing bodies, distributing those funds back to them.

Mayor Snyder would like to see the process move along rather quickly. He hopes for the feasibility study to be complete within a few months.

The TIF district would consist mostly of the downtown Lincoln square and a few city blocks in each direction.

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