Elgin gearing up to seek extension of downtown TIF district to keep economic growth going

Elgin gearing up to seek extension of downtown TIF district to keep economic growth going

The Central Area Tax Increment Financing District was created in 2002 to spur economic development in downtown Elgin, something city officials hope they can keep employing beyond its December 2025 expiration date. A TIF extension requires approval from the Illinois General Assembly. City staff hopes to have a plan ready to submit to the state in January, City Manager Rick Kozal told the Elgin City Council at a recent meeting. Because it affects …