Monmouth and Galesburg are at different stages of adding new TIF districts and they have different visions for using the economic development tool.
One aims to generate housing development while the other could revitalize industrial properties.
The city councils for both communities took action this week on the new TIF districts.
The city of Monmouth is advancing a plan to transform a vacant farm field into a housing subdivision to address a need for single-family housing in the community.
The Monmouth city council on Monday unanimously approved annexing nine acres of land on North 12th Street for the project. It also unanimously approved three ordinances to finalize the East Side TIF district.
Also on Monday, the Galesburg city council approved a resolution authorizing a feasibility study for a proposed TIF district along South Henderson Street.
Ward Four Council Member Dwight White expressed support for the effort, saying the area “has become very blighted” after once being home to major employers.
White said he hopes the TIF could help bring some revitalized factories to his ward.
The resolution authorizes a study to determine whether the area qualifies as a blighted redevelopment area under state law.
TIF districts allow municipalities to capture future property tax growth in designated areas to pay for redevelopment projects.
“It’s a very, very important tool today across the state of Illinois,” said Galesburg City Manager Eric Hanson. “And it is something that gets used. We still use it in the downtown on a pretty much regular basis.”
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