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Downtown Springfield Buildings Eye TIF Money

Downtown Springfield Buildings Eye TIF Money

Photo: Newsradio WTAX

The iconic Myers building in downtown Springfield needs some facade work — it’s not been tuck-pointed or otherwise improved since it was built nearly 90 years ago.

But Ward 5 Alderman Sam Cahnman says $246,000 TIF, or tax increment financing, dollars could help that process along.

“This work has to be done,” Cahnman says. “Otherwise the building could deteriorate and it may have to be taken down at some point.”

“Water is seeping into the brickwork, the masonry, and it would deteriorate the building,” Cahnman continues. “[The work] assists with the heating and cooling, keeping the air that might come in through breaks in the brick from doing so.”

The central area TIF district is set to expire next year. Developers can be reimbursed for eligible work through TIF once the improvements they make result in improved property values. Property values are frozen when the TIF district is started, and any money derived from increasing property values is siphoned into the TIF fund, which is then used to either reimburse developers or spur more growth.

Another downtown building at 7th and Monroe, which houses an antique store on the first floor, will get a second story renovation with help from $425,000. Cahnman says a recently merged accounting firm wants to move in, but it needs nearly $1.5 million in renovations first.

Both proposals are expected to get quick approval next week.

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