The 12 year extension of the Salem’s TIF-2 District passed the legislature in the Spring session and is now awaiting the Governor’s signature.
As a result, the city council will also be asked to move forward Monday night with inter-governmental agreements with all fellow taxing bodies who provided their unanimous support for the 12 year extension. As part of the approval process, the city agreed to distribute some of the money currently collected in TIF Two for capital expenditures.
The inter-governmental agreements will only be executed if Governor Pritzker signs the extension into law. The TIF-2 mostly includes business and industrial properties on the city’s Westside.
The Salem City Council Monday night will be asked to hire Jacob and Klein of Bloomington to establish Salem Tax Increment Financing District Four which will be designed to provide incentives for development of new housing. The total cost of the work will be $37,500 with cost reimbursement of up to $2,500 more. The council earlier approved creation of the TIF District. They already plan to utilize the new TIF to help develop infrastructure improvements for a 72 unit apartment complex on Airport Road south of the current Lamplighter Apartment Complex.
The meeting begins at six Monday night at Salem City Hall.
