State lawmakers approve TIF extension for Uptown Normal

Posted on May 31, 2018

By Howard Packowitz

NORMAL – The Town of Normal will get the extension it wants for the tax increment financing district for Uptown redevelopment.

The Illinois Senate and now the House has approved a 12 year extension for undeveloped portions of the TIF, which will last until 2038.

All six affected taxing bodies gave their approval for essentially rebating tax revenue from increased land values back to developers during the TIF’s lifespan.

Two local lawmakers, State Rep. Dan Brady and State Sen. Jason Barickman, both Republicans, shepherded the legislation through the General Assembly.

“Town leaders in Normal have stressed how important this extension will be for continued economic development plans in the community. I am very pleased that Senator Barickman and I received strong bi-partisan and bi-cameral support for the future growth and development of Normal,” said Brady in a news release issued late Thursday.

Howard Packowitz can be reached at [email protected]

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