Downtown Champaign TIF district ends after 36 years

Downtown Champaign TIF district ends after 36 years

CHAMPAIGN — The city's downtown tax-increment-financing district expired Dec. 15, exactly 36 years after it was launched to revitalize the declining area.

During the TIF district's tenure, according to city officials, there were over $4 million in grants to update over 100 structures, more than 60 new residential units were leveraged and $23 million in private redevelopment was completed.

When it started, the district had an assessed value of $7,560,528, which has jumped to $38,137,660 today. According to city officials, food-and-beverage receipts went from $9 million in 2003 to $27 million today.

Although this TIF district has expired, a new one aimed at redeveloping the outer fringe of downtown will begin in January.

Sections (2):News, Local

Comments embraces discussion of both community and world issues. We welcome you to contribute your ideas, opinions and comments, but we ask that you avoid personal attacks, vulgarity and hate speech. We reserve the right to remove any comment at our discretion, and we will block repeat offenders' accounts. To post comments, you must first be a registered user, and your username will appear with any comment you post. Happy posting.

Login or register to post comments