The Decatur City Council recently approved an agreement with PGAV to look at renewing and expanding one tax increment financing (TIF) district and to study the possibility of creating a new one. TIF helps bring new public and private investment into the city.
Near North TIF review
The current Near North TIF covers the Wabash Crossing area and is set to end in 2027. Depending on what the study shows, the TIF could grow to include more properties along important streets in the city's urban core.
Potential new TIF area
The possible new TIF area includes the Pershing Road and North 22nd Street corridors. A new TIF here could help pay for redevelopment, road and utility work, building repairs, site cleanup and other improvements that support private investment.
The city is also exploring new programming that will help residents make better use of TIF advantages.
Creating a TIF district does not raise taxes. Instead, it sets a base property value, and as property values rise over time, the extra value goes into a TIF fund. That money can then be used for projects and improvements within the district.
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