A stretch along South Henderson Street in Galesburg could become the city’s next Tax Increment Financing District, opening doors to redevelopment of commercial and industrial properties on the south side.
The city council on Monday approved a professional services agreement with PGAV Planners LLC to determine whether all or portions of the proposed area qualify for TIF designation — and to potentially create a redevelopment plan for the district.
TIF districts capture incremental property tax revenue to provide incentives for developments in blighted or underdeveloped areas.
The proposed area for the potential TIF district is in Ward 4. It includes properties along South Henderson Street between Third Street and Enterprise Avenue and some along Monmouth Boulevard between Henderson and the railroad tracks.
Ward 4 Council Member Dwight White said the TIF district could generate jobs and provide an economic boost to the city.
“Butlers and ADM and all those were booming businesses and it's going to hopefully revitalize that area,” White said.
The agreement with PVAG Planners is for $34,500, covered by the city’s economic development fund.
The process to establish a new TIF district could take five to seven months.
Tri States Public Radio produced this story. TSPR relies on financial support from readers and listeners in order to provide coverage of the issues that matter to west central Illinois, southeast Iowa, and northeast Missouri. As someone who values the content created by TSPR's news department please consider making a financial contribution.
