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Council approves $50,000 annual TIF remittances to Springfield School District for 12 years
Summary
The council approved remitting $50,000 annually from each of two tax-increment finance (TIF) districts—Ennis Park and Madison Park Place—to Springfield School District 186 for 12 years, a total commitment of up to $1.2 million; the council voted to approve the payment agreement.
The Springfield City Council on Sept. 16 approved an ordinance to remit $50,000 annually from the Ennis Park tax-increment financing district and $50,000 annually from the Madison Park Place TIF to Springfield School District 186 for 12 years, for a total commitment not to exceed $1,200,000.
The funding will be remitted as TIF-eligible taxes rather than through a separate TIF development agreement; corporation counsel said the payment would be "unrestricted funds for…
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