Tax Increment Financing laws in Illinois could be changing and the Illinois Municipal League is rallying support for them from area municipalities.

Aldermen in the City of Monmouth approved a resolution last week that supports the laws as they currently are on the books says City Administrator Lew Steinbrecher.

The City of Monmouth has used over 360,000 dollars in TIF funds to leverage over 1.7 million dollars in private investment in the city’s downtown. Steinbrecher says that TIF is the most important tool that Monmouth has to spur economic development and suspects that’s true for many municipalities around the state.