Latest news with #TaxIncrementFinancing
Yahoo
23-05-2025
- Business
- Yahoo
Plan could reinvigorate stalled retail development in SW Springfield
SPRINGFIELD, MO – There's a plan in the works to help reinvigorate a stalled development on the city's southwest side. Brody Corners, located off West Sunshine at James River Freeway, opened in 2022. The developer planned to have $27-million worth of new restaurants, retail, and offices. But progress has been slow. So far, only a Maverik-Kum & Go has been built. Springfield city leaders are now looking at an idea by the developer that could bring new tenants to the spot. On Monday night, the city council heard a proposal that would allow lots and apartments, along with the planned shops, at the site. In a request for the change, the developers said the residential component could make the site more attractive for potential builders. The idea needs council approval since Brady Corners is a TIF (Tax Increment Financing) district, meaning a portion of new tax revenue from the businesses goes back into infrastructure costs at the site. The council will vote on the proposal on June 9th. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
21-05-2025
- Business
- Yahoo
City of Champaign could help renovation of downtown building
CHAMPAIGN, Ill. (WCIA) — A historic building in downtown Champaign could be getting some new improvements by Aug. 30. Bus stop near Market Place Mall could be looking at new routes This is on N Market Street near Taylor Street. The city is looking to make a cost share agreement with a developer to renovate the property. The project will cost more than $76,000 and that money will be used for getting electrical services to the building and rebuilding the sidewalk. Champaign's development manager said the money will be coming from the downtown fringe Tax Increment Financing (TIF) district. He also said the project will help clear up utility issues that impacts neighbors of the building. At Tuesday night's meeting, city council is planning to make a decision and discuss the project in further details Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
15-05-2025
- Business
- Yahoo
Montgomery County announces $2.8 billion investment for East County's Viva White Oak
SILVER SPRING, Md. () — Montgomery County announced its first-ever Tax Increment Financing (TIF) proposal to support . The $2.8 billion mixed-use development project aims to transform East County with new jobs, housing, and infrastructure. MoCo Minute | AstraZeneca opens $300M cell therapy facility in Rockville In partnership with MCB Real Estate, the project will span 280 acres near the U.S. Food and Drug Administration campus. Once complete, Viva White Oak is expected to deliver more than 9,000 permanent jobs, nearly 5,000 homes, and 27,000 construction jobs. Plans include commercial, residential, retail, and public spaces, along with new parks, bike lanes, and water and sewer infrastructure. 'At the Viva White Oak property, we have an excellent development team coming to the County with a plan to get shovels in the ground and open up the new chapter in economic development that District 5 residents have been waiting for. I have seen firsthand the high value that MCB places on community engagement and local collaboration, and I look forward to taking the next step to bring this opportunity to fruition,' said Councilmember Kristin Mink. Officials noted that once the project is complete, it will generate about $62 million in annual county revenue. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
30-04-2025
- Business
- Yahoo
Pekin City Council buying farmland to develop a technology park
PEKIN Ill. (WMBD) — The city of Pekin is working on another huge business project, bringing hundreds of jobs to the area. At Monday night's city council meeting, members approved an agreement with a New York-based company that plans to develop a technology park on the Lutticken Farms land. In order to do that, the council also had to approve a $12.5 million loan to complete the purchase of the Lutticken Farm. The city will then sell 320 acres of that land to the company WHP, LLC for $4.5 million. The new technology park will be a campus-like setting for data centers. The deal will bring an estimated $20 million annually in property tax revenue. The city also wants to talk with the company about offering Tax Increment Financing or T.I.F. dollars to help pay for the project. Josh Wray, The City's economic development director, said the technology park will bring in hundreds of jobs. 'It's going to be a strong economic driver for the city,' Wray said. 'This development on the jobs front, conservatively, I would say upon full development, it will be somewhere in the neighborhood of 100 to 150 jobs. Those jobs tend to be very well-paying. It's maintenance electricians, it's engineers, it's system administrators, network administrators.' The city is buying the over one-thousand acre farm land to ultimately build a new pathway from Veterans Parkway to Interstate 74. That will only take up about 50 acres of the land. The city plans to sell the rest of the land to developers, like WHP. Wray said Pekin is becoming a hot spot for new businesses and development. 'Pekin is all of a sudden a real hot spot for development.' he said. 'I go to a conference, or I go to some other type of meeting and everybody's talking about the big projects that are going on right now. And it's just a testament to our ability, both the city council and the staff and ultimately the community, our ability to say yes to things.' WHP plans to develop the technology park over the course of five to six years. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-04-2025
- Business
- Yahoo
Coffee shop proposed for busy Peoria intersection
PEORIA, Ill. (WMBD) — A new coffee shop is being proposed for the empty lot on the corner of War Memorial Drive and University Street in Peoria. After trial and error with other business development on this lot, a Dutch Bros franchise has been proposed and is awaiting approval. 'It's a very, very busy spot and that makes it very strategic and very profitable, potentially, with the number of cars that go by to make a coffee shop like that really go,' said second-district council member Chuck Grayeb. Dutch Bros is an Oregon-based coffee establishment that has never had a location in the central Illinois area, and would be competing with McDonald's and Dunkin Donuts for best coffee on the block. 'The developer is really wanting to get started,' said Katie Kim, CEO of The Kim Group, one of the listing agents for the site. 'As soon as we can get through that process and get started. So I think they're looking to get a shovel in the ground as soon as they are approved to do so.' The 1.5-acre land is currently up for $1,590,000 and is in a Tax Increment Financing (TIF) district. Manning McComb Chevrolet once operated on the plot, but it's sat empty for more than a decade. To see more about the plot of land, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
