04252018 Manar Litchfield TIF 350SPRINGFIELD – The Illinois Senate on Thursday approved extending the expiration date of a key economic development tool for the city of Litchfield.

Senate Bill 424, sponsored by Senator Andy Manar (D-Bunker Hill), would extend the life of the city’s tax increment financing district to 35 years from 23 years. The TIF was established June 2, 1998, and is set to expire at the end of 2021. The legislation would push the expiration to 2033.

Manar presented the legislation to a Senate committee Wednesday, and he was joined by Litchfield officials including Mayor Steve Dougherty.

“The city of Litchfield has what I would describe as an incredible number of positive economic development projects that are happening,” Manar said. “The certainty of this TIF is critical to many of the things the city is doing in an aggressive way for job creation for both Montgomery and Macoupin counties.”

The committee approved the measure Wednesday, followed by the full Senate Thursday afternoon. It has been sent to the House for consideration.

Pictured: State Senator Andy Manar (left) and Litchfield Mayor Steve Dougherty present legislation extending the expiration of Litchfield’s TIF district to the Senate Revenue Committee Wednesday, April 25, 2018.

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