Champaign City Council Approves 1-Year Extension of E. University Ave TIF District
The Champaign City Council voted last night to extend the life of its East University Avenue Tax Increment Financing District for another year. That will give the city time to seek a 12-year extension from the state.
Enacted in the 1980s, the East University Avenue TIF District covers the commercial area east of the Canadian National tracks, including University Avenue and nearby sections of First and Second Streets. City officials say the TIF district has helped spur development --- but not as much as in downtown and Campustown. As the city makes plans to seek a long-term extension of the TIF district, City Councilwoman Marcie Dodds says she thinks flood control and beautification work done on the 2nd Street reach of the Boneyard Creek will spur development that can link downtown and Campustown together.
"It'll do it not only geographically and physically, but also psychologically", says Dodds. "For years, it was campus over here and Champaign over there and downtown far away. The two never met. It was even sometimes difficult to get to one from the other. And I hope that this changes that."
Property tax revenue above a certain level in a TIF District is spent within the district, focusing on building renovations, streetscape work and infrastructure improvements.