An argument for tax incentives such as a tax increment financing district is that a development would not go into, say, a vacant lot otherwise.
An argument against them is that not only do they divert added property tax revenue away from other taxing bodies, but a TIF district lasts 23 years.
District 186 board member Bill Ringer Monday said a “targeted TIF” consisting of only one property – an apartment building planned for Fifth and Madison Streets. The Lofts on Madison – a six-story, 136-unit retail-residential complex – would go up where a parking lot sits now.
“Our school district runs on property taxes,” said Ringer during the Springfield Public Schools board meeting. “We already have several TIF districts in the city of Springfield. This could be an additional huge amount of property taxes that they are asking us to give up.”
There is not much the district can do now other than storming City Hall; the council’s final vote on the matter is tonight.