4 years, 5 months ago by Scott Hardy
State Sen. Jil Tracy sponsored measure to extend TIF to 2033
The City of Quincy and the Historic Quincy Business District may be able to further depend on tax increment financing dollars, based on a bill that's passed the Illinois Senate.
State Senator Jil Tracy of Quincy has sponsored a bill that will help aid re-development efforts in The District. House Bill 3426, passed Wednesday by the Senate, would extend the length of a current Tax Increment Financing, or TIF district in the City of Quincy from 23 years to 35 years. Tracy said on the Senate floor Wednesday night that the City and The District have made progress in re-developing downtown, and need the extension.
( State Sen. Jil Tracy :15 )
The TIF district in Quincy was created by the City in 1998, and would expire in 2021. Extending the TIF district for 12 more years means it wouldn't expire until 2033. The bill now returns to the Illinois House for consideration.
