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City Council Again Questions Use Of TIF Money
The Galesburg City Council this week approved the plans for the new apartment complex benefiting Carl Sandburg College students, but some had problems with part of the project.

Specifically, the developer, OxBow Developments of the Quad Cities, will get about a million dollars in Tax Increment Financing District money over the next nearly 15 years to help finance their seven-million dollar construction project.

That didn't sit well with 7th Ward Alderman Jeremy Karlin.

"The giving of the incentives by the city to make this project go does give one some pause," Karlin said. "It may very well be that this is how things get done, is that the the city has to give money to make things happen and the bank indicated they wouldn't be able to fund the project without it. You can see the concern."

Karlin suggests the TIF money would be better spent on road improvements in the area of the former Regency hotel where "The Villas" will be located. Aldermen and residents had numerous concerns alike about the safety along South Lake Storey Road leading up to Carl Sandburg College.

Problem is, that's a county highway, not a city responsibility.
10 07 11 by Newsroom
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