Harrisburg residents can voice their thoughts and learn more about a newly-proposed Tax Increment Financing, or TIF, district Thursday.
The meeting is set for 5:30 p.m. at the Harrisburg City Hall at 110 E. Locust Street. TIF districts funnel tax money into a particular part of town to increase development. This happens with a mix of tax incentives for businesses to move into the area and money for infrastructure improvements.
Keith Moran is President of Moran Economic Development, a group consulting with Harrisburg city officials on the expanded TIF. He says the expansion won't hurt taxpayers.
"If we can redevelop our downtown area, and induce development north of downtown, I'm suggesting that actually, taxes can go down because we have the ability to fund more projects," Moran says. "There's more sales tax revenue generated, more property tax revenue.
"We can fund infrastructure projects, water and sewer lines, that sort of thing, to help induce development in other areas."
The proposal expands the TIF district further north and west due to the new Illinois 13 bypass in Harrisburg. Moran says that with declining property values, money from the TIF can only help.
Moran says he expects the city council to vote on the proposal later this month.