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.

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