The state of Illinois has renewed Macomb's Downtown Tax Increment Financing District or TIF district.
TIF districts allow cities to pool property tax revenues to support economic development in disadvantaged areas.
Many times businesses decide to locate in a city because of the incentives that can be offered.
The renewal allows Macomb to reap the benefits for another 12 years.
Mayor Mick Wisslead says TIF dollars will help the city with huge infrastructure improvements...including repaving downtown and improvements to the storm water drainage system.
What does this mean for Macomb residents?
Mayor Mick Wisslead said, "For Macomb residents we'll be able to do things in the taxing district where if we didn't have that we'd have to use our half cent sales tax or motor fuel tax to do some of those infrastructure improvements and those budgets are really slim."
Mayor Wisslead says TIF dollars will also aid in the rehabilitation of facades on some historic buildings needing work.
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