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Council approves $68M Main Street redevelopment tax‑exemption to spur 99 housing units
Summary
Council authorized a 10‑year tax increment exemption (HDIP/TIF) to enable a $68 million redevelopment by McCaffrey Interests that will create 99 housing units (20% affordable) and ground‑floor retail; councilors pressed developers on local hiring and prevailing‑wage issues.
The Springfield City Council approved a tax increment exemption agreement on Monday to support a $68 million redevelopment of properties on State and Main streets by McCaffrey Interests (Chicago). City staff says the project would produce 99 housing units, new ground‑floor retail, and include a 10‑year exemption that applies only to new growth on the residential portion of the project.
Brian Connors of the Economic Development Office described the request as the standard HDIP/TIF…
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