News

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.

Recent Headlines

11 hours ago in Entertainment

Judge denies motion for new Gawker-Hulk Hogan trial

hulk84135568722

A Florida judge has denied Gawker's motion for a new trial in the Hulk Hogan sex-video case and won't reduce a $140 million jury verdict.

17 hours ago in Entertainment

Depp back as Mad Hatter in ‘Alice Through the Looking Glass’

22-overlay-3

The movie follows on from the 2010 box office hit "Alice in Wonderland," which starred Depp alongside Australian actress Mia Wasikowska as the titular heroine and Oscar nominee Helena Bonham Carter as the Red Queen.

18 hours ago in Music

Nikki Sixx ‘turns his back’ on Motley Crue

nikkisixx961740673643

Drummer Tommy Lee says he hasn't heard from Sixx since the L.A. show on New Year's Eve, and the bassist made it pretty clear he didn't want to stay in contact.