Coal City plans to expand TIF District

The village of Coal City is moving forward with plans to expand the boundaries of its tax increment financing [TIF] district. A hearing has been scheduled to accept public comment on the proposal.
Coal City established its first TIF to encourage economic development nine years ago. Now it’s planning its fourth amendment expanding boundaries to the northeast, south and west.
In announcing plans to expand the district’s boundaries, the town’s administrator said the proposal is based on interest and the amount of available property prime for retail and industrial development.
The four areas being added to the TIF district include two portions of the farm field located to the south of the Coal City Fire Protection District’s Station 2; commercial property at Route 113 and Fifth Avenue; land on the south end of Carbon Hill Road around the Unit 1 School District buildings; and land located south of Reed Road and east of South Broadway that comprise what is known as 2390 S. Broadway.
The amended TIF will expand the district to 2,063.92 acres which includes the properties slated to be annexed into the village.
The purpose of the public meeting is to advise residents of the village as well as other taxing districts and taxpayers having property within the proposed redevelopment project areas.
The public hearing is set for Thursday, Sept. 24 at 5:30 p.m. Residents are invited to participate socially distanced in-person at Coal City Lions Hall, 480 S. Illinois St. or virtually by logging into the meeting via Zoom. Individuals planning to participate remotely can access the dial-in number by visiting the village’s website at coalcity-il.org. Public comment can be submitted in advance by e-mailing comments to the village clerk, pnoffsinger@coalcity-il.org prior to 3 p.m. on Sept. 24. E-mailed correspondence should including “public comment for TIF Public meeting on Sept. 24, 2020 in the subject line.”
TIF is a means to encourage economic development in areas deemed to be blighted or under-performing and optimal for development or redevelopment.
When an area is brought into a TIF it sets a base property tax. Subsequent increases then go to a designated TIF fund to be utilized by the municipality to improve infrastructure within the district and revitalize existing structures.
The Sept. 24 hearing is the first in a series of required notifications, meetings and hearings prior to final approval set for mid-January 2021.