Aldermen in the Maple City Tuesday night established a new Tax Increment Finance District with the passing of four ordinances. The city had been pursuing a new TIF district that encompasses a large section of the central part of the city, including north and south main street, most all property north of Harlem Avenue, including the airport, and the southwest part of town. Lew Steinbrecher, City Administrator for the City of Monmouth, tells WGIL that the city will pay back developers that increase the property tax value of properties in the TIF. “And that’s how we structure these deals with developers,” he said. “It’s performance-based. They don’t get their rebate until their property actually increases in value and they pay those increased taxes. Then we use those increased, incremental tax revenues – that’s what we use to pay them back.” Steinbrecher adds that there are several projects moving forward on the new TIF, including the redevelopment of the old Shopko building into a Hy-Vee grocery store.
