CRE Midwest

City of Marion presents Tax Increment Financing (TIF) case study to Rural Economic Development Conference: Designing and Creating Economic Recovery in Illinois

Gail West, Marion City Administrator, will present at the 26th Annual Rural Economic Development Conference, March 5 – 6, 2015, in Peoria, Ill.

Gail West, Marion City Administrator, will present at the 26th Annual Rural Economic Development Conference, March 5 – 6, 2015, in Peoria, Ill. Her presentation will focus on the success of Marion’s Downtown Hub Tax Increment Financing (TIF) District, the Morgan Street expansion, and how TIF has been one of the key factors in the city’s economic development.

“I’m truly excited to showcase the success of Marion’s innovative planning and development at the Rural Community Economic Development Conference. Because of a forward-looking mayor, Robert Butler, supportive constituents and consultants, our TIF Districts are actively assisting new development and contributing to the essential economic well-being of Marion,” explains Ms. West.

Her presentation will be part of the Thursday, March 5, conference program titled Innovative Community Practices. She will discuss Marion TIF Districts’ positive impact on developing new business from former strip mine land into retail and recreational properties including a professional minor league baseball stadium (Frontier League baseball) and a number of hotels, restaurants, nationally known companies and local businesses.

Marion’s success with TIF has been, and continues to be, supported by The Economic Development Group, Ltd. (EDG), a consultancy designed to provide assistance and administrative support to local officials and developers utilizing TIF in Illinois. In tandem with EDG, Jacob & Klein Ltd., an economic development law firm also advises Marion and other municipalities on matters relating to tax increment financing.

Jacob & Klein Ltd. and EDG represent about 75 cities, towns and villages throughout downstate Illinois and have created more than 200 TIF Districts that have stimulated more than $2 billion worth of new private investment. Thomas Jacob, Chairman and Senior Counsel, Jacob & Klein, Ltd., estimates the TIF Districts they administer generates approximately $45 million each year for Illinois communities.