Paxton approves tax-increment district
PAXTON — City officials plan to pursue a number of projects around Interstate 57 now that Paxton's long-delayed tax increment financing district has been implemented.
The Paxton City Council voted unanimously last week to annex and zone the remaining parcels of land for the district and approve a series of ordinances to implement the economic tool.
In a tax increment financing district, assessments are frozen for most taxing bodies, and any increase in property taxes arising from development -- the tax "increment" -- goes into a special fund that can only be used in the district.
Mayor Bill Ingold said this week, he would be meeting with some "interested parties" to discuss proposals they have for the development of land near the interstate. He declined to identify the property owners or the projects they are pursuing.
Meanwhile, the city's tax-increment consultant, attorney Dan Schuering of Springfield, said this week that he expects some projects to be completed within the next year.
Among projects expected to be started soon, according to Schuering, is the development of land owned by Rantoul developer Joe Warner surrounding the I-57 interchange.
Warner, whose land was annexed and zoned for inclusion in the district last week, has submitted to the city a proposal to build hundreds of new homes, a senior-living community and a variety of restaurants, retail stores and manufacturing facilities around the highly traveled interstate.