LITCHFIELD – Tax increment financing districts are a key to job creation and a robust economy in many downstate communities, including Litchfield, State Senator Andy Manar said Tuesday after his measure extending the life of the Litchfield TIF was signed into law.

“Aggressive economic development has enabled Litchfield to add jobs and flourish as a community. The TIF district has been a significant factor in that growth,” Manar said. “It’s important that we take steps to extend the life of the TIF so that community leaders can continue building upon the success they’ve already had.”

Senate Bill 424, which Manar sponsored, the life of the Litchfield TIF district to 35 years from 23 years. It was created June 2, 1998, and had been set to expire at the end of 2021. Under the law sponsored by Manar, the TIF will not expire until the end of 2033.

The extension gives local officials more time to develop vacant land or eradicate blight to attract new employers and additional jobs to the city.

Manar complimented the city of Litchfield for its continued leadership on economic development.

“The number of positive economic development projects happening in Litchfield is mind-blowing. The residents here should be proud of what they and their city leaders have accomplished,” Manar said.

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