SB424

  • manar 052818LITCHFIELD – Tax increment financing districts are a key to job creation and a robust economy in many downstate communities, including Litchfield, State Senator Andy Manar said Tuesday after his measure extending the life of the Litchfield TIF was signed into law.

    “Aggressive economic development has enabled Litchfield to add jobs and flourish as a community. The TIF district has been a significant factor in that growth,” Manar said. “It’s important that we take steps to extend the life of the TIF so that community leaders can continue building upon the success they’ve already had.”

    Senate Bill 424, which Manar sponsored, extends the life of the Litchfield TIF district to 35 years from 23 years. It was created June 2, 1998, and had been set to expire at the end of 2021. Under the law sponsored by Manar, the TIF will not expire until the end of 2033.

    The extension gives local officials more time to develop vacant land or eradicate blight to attract new employers and additional jobs to the city.

    Manar complimented the city of Litchfield for its continued leadership on economic development.

    “The number of positive economic development projects happening in Litchfield is mind-blowing. The residents here should be proud of what they and their city leaders have accomplished,” Manar said.

  • Manar Litchfield TIFSPRINGFIELD – The Illinois Senate on Thursday approved extending the expiration date of a key economic development tool for the city of Litchfield.

    Senate Bill 424, sponsored by Senator Andy Manar (D-Bunker Hill), would extend the life of the city’s tax increment financing district to 35 years from 23 years. The TIF was established June 2, 1998, and is set to expire at the end of 2021. The legislation would push the expiration to 2033.

    Manar presented the legislation to a Senate committee Wednesday, and he was joined by Litchfield officials including Mayor Steve Dougherty.

    “The city of Litchfield has what I would describe as an incredible number of positive economic development projects that are happening,” Manar said. “The certainty of this TIF is critical to many of the things the city is doing in an aggressive way for job creation for both Montgomery and Macoupin counties.”

    The committee approved the measure Wednesday, followed by the full Senate Thursday afternoon. It has been sent to the House for consideration.

    Pictured: State Senator Andy Manar (left) and Litchfield Mayor Steve Dougherty present legislation extending the expiration of Litchfield’s TIF district to the Senate Revenue Committee Wednesday, April 25, 2018.