HERRIN — The city of Herrin is ready to unveil a second tax increment finance district that incorporates the downtown area and much of the properties along Illinois 148 that is the town’s main thoroughfare.
“This district has a downtown flavor. It’s designed to improve and rehabilitate buildings. It will include demolition. We can offer TIF assistance to someone coming in,” said Keith Moran of Moran Economic Development, which has been retained by the city to draw up TIF districts for proposed ordinances.
Moran was a guest speaker Tuesday at a Herrin Chamber of Commerce membership luncheon at Mary’s Restaurant & Bed & Breakfast.
He spoke about how TIFs work and the economic development potential they offer.
“TIF is not a tax increase. It is not eminent domain. There is no change of property zoning,” Moran said. “It is an economic tool designed to stimulate investment in a particular area.”
The city approved an initial TIF district about two years earlier that incorporates much of south Herrin including the former May-tag plant.
“It’s been phenomenal in gaining increments,” Moran said about the existing district generating funds for purposes of redevel-opment.
Herrin Mayor Vic Ritter and Herrin TIF committee member Sam Shemwell attended the lunch. Both officials said the TIF was vital in Herrin getting the recent Hollybrook Assisted Living Facility development.
During the past two years of tax collection, there has been about $248,500 collected in increment financing for improvements, Ritter said.
The new TIF district will extend along a two-mile stretch from East Grant north to Wilson Street. In the downtown area, it will stretch from South 17th to 12th streets.