There's been a lot of talk about Tax Increment Financing Districts, and how they can benefit Clinton as the growth of the community begins to snowball.
At the Monday night Clinton City Council meeting, Tony Caccomo with Heartland Development Systems LLC presented on the benefits and opportunities of creating a TIF district for a new potential housing development on Route 54 across from Dollar General. He shared what those developments could look like.
Caccomo noted that if between 30 and 32 units can be built, then a TIF district would be very beneficial. That development could bring close to $200,000 in real-estate tax revenue to the City.
The process of using TIF districts with tax-free bonds to pay for infrastructure is a breakthrough in development strategies. Caccomo says he recently was in contact with Governor JB Pritzker's office, which wants him to spread the word on this more.
Due to Clinton's central location within five larger cities within central Illinois, Caccamo says it is a very desirable place to develop, with a lot of potential for economic development.
The City of Clinton has been working on making progress with it's Strategic Plan. City Administrator Tony Harris has been diligently working on creating TIF districts within the City to promote economic development.
