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Springfield District 186 leaders warn Jerome TIF could cost $2.68 million in operating revenue over 23 years
Summary
Springfield Public Schools Superintendent Gill told the District 186 Board that the village of Jerome is seeking a tax-increment financing (TIF) district on the North side of Wabash, the east side of Chatham Road and the north side of Isles and that the district's share of new property-tax growth in that area would be captured by the TIF for 23 years.
Springfield Public Schools Superintendent Gill told the District 186 Board that the village of Jerome is seeking a tax-increment financing (TIF) district on the North side of Wabash, the east side of Chatham Road and the north side of Isles and that the district's share of new property-tax growth in that area would be captured by the TIF for 23 years.
That change would not reduce the district's current "base" property tax receipts but would divert the future growth in assessed value and tax revenue from District 186 into the TIF, Gill said. "The district actually does have a seat on the joint review board," she added, and noted the district can make suggestions to the board but does not have veto…
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