The City of Greenville has been successful in receiving a legislative extension for its Downtown TIF District.
Illinois Governor J.B. Pritzker signed Senate Bill 1139 on Tuesday. It became effective on that date.
Tax increment financing districts provide financial incentives to developers of projects. The state legislation extends the Greenville Downtown TIF District by 12 years to 2041. It was to expire in 2029.
The city has been in contact with a developer who is interested in a downtown, multi-million dollar project on the northeast corner of the downtown square.
The developer told city officials the project could only proceed if the number of years for TIF benefits could be extended.
City officials spent September and October meeting with boards of the nine taxing districts in the city. All of them approved motions to support the extension of the district.
Local legislators filed a bill, on behalf of Greenville, to seek the extension
It passed the Senate and the House on October 28 and was sent to the governor, who made it official with his signature this past Tuesday.