A draft redevelopment plan for the proposed Main Street Abbey Tax Increment Financing (TIF) District in Columbia, Illinois is now available for public inspection.
The Columbia City Council passed Resolution 10-2015 in November 2015, which provided for a feasibility study and report with respect to the designation of a portion of the city as a TIF redevelopment project area pursuant to the Illinois Tax Increment Allocation Redevelopment Act.
The area, referred to as the Main Street Abbey Redevelopment Project Area in the plan, includes the properties owned or formerly by the Immaculate Conception Roman Catholic Church located on S. Main Street between W. Liberty Street and W. Madison Street.
The city is likely to consider the use of tax increment financing and other economic development resources as available to facilitate private investment within the said area. The city also intends to attract significant investment of private capital. This will result in the conversion of the tax-exempt property into a taxable mixed-use development.
The Illinois Tax Increment Allocation Redevelopment Act defines the factors that must be present in order for an area to qualify for TIF. The eligibility of a “blighted area” includes dilapidation, obsolescence, deterioration and excessive vacancies.
A public hearing on the plan has been set for April 4.
Alerts Sign-up