Champaign Aims to Revitalize West-Central Area with New TIF District

City Officials Propose $700,000 Investment to Fund Project

TIF Districts: A Tool for Urban Renewal

The City of Champaign is proposing to create a new Tax Increment Financing (TIF) district in the west-central part of the city, covering an area of 217 acres. TIF is a tool that allows local governments to finance redevelopment projects by capturing the increased property tax revenue generated by the project.

The proposed TIF district would be used to fund the creation of a new business park, as well as other infrastructure improvements in the area. City officials say that the project is expected to create new jobs and stimulate economic growth in the area.

The City Council is expected to vote on the proposal in the coming weeks. If approved, the TIF district would be the city's first in over a decade.