Murphysboro council considers downtown TIF district - WSIL-TV 3 Southern Illinois
Murphysboro council considers downtown TIF district
MURPHYSBORO (WSIL) -- Murphysboro could soon have a new TIF district, meant to help develop businesses downtown.
The city council will consider approving a tax increment financing district at Tuesday's meeting.
The district would cover a portion of Murphysboro along Walnut Street from 5th Street to 21st Street, encompassing some of the nearby side streets.
Murphysboro Mayor Will Stephens said it will help the downtown property owners maintain some old buildings.
"We have a lot of old buildings in this area that we've got some new owners of and folks that have some energy, and it takes a lot of money to maintain those buildings," Stephens said. "We just want to encourage growth and development downtown."
If approved, the TIF district would capture tax revenue from any increases in property value on properties within the district and then put that money into a special fund for certain construction projects in that area. It would last for more than two decades.
More information about the proposed TIF district can be found here.
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