Carthage, IL – Carthage will be able to arrange an interest-free loan to help it extend water and sewer service in its Tax increment Financing district.
Mayor Jim Nightingale says they'll be able to borrow from an economic development fund maintained by the Western Illinois Electrical Coop.
He says the money can be paid back over a 10 year period.d
Nightingale says that's important because the city does not expect much TIF District income until at least the year 2010.
He says when TIF district income is paid, it will be used to help pay down the loan from the electrical co-op.
However, the city expects to share TIF income with the elementary and high school districts that include Carthage.
He says the funds will extend service to a proposed new hospital building. They will also extend service to a commercial development area near where Route 336 passes near Carthage.