Posted Feb 21, 2012
Springfield aldermen on Tuesday unanimously approved the city’s eighth tax increment finance district — this one intended to revitalize a struggling section of MacArthur Boulevard.
Ward 6 Ald. Cory Jobe said the TIF district will spur future development in the area. “I think it’s the next step for Hy-Vee,” Jobe said. “And the commitment that Hy-Vee will be bringing to Macarthur Boulevard will signal that you can do business in the inner city and here’s an incentive tool to help you do it.”
The TIF district will include the section of MacArthur from South Grand Avenue to Summit Avenue. The Hy-Vee chain plans to build a grocery store and other facilities at MacArthur and Outer Park Drive.
PGAV Planners estimated that redeveloping that stretch of MacArthur could cost $27.5 million, much of which could be paid for through the TIF district. Consultants suggested a redevelopment plan consisting of both private and public investments, ranging from fixing streets and sidewalks to rehabilitating existing properties and demolishing others.