Downtown TIF Concludes after 36 years of Rebuilding Downtown Champaign
On Friday, December 15, 2017, the Downtown Tax Increment Financing District officially ended and with it, the primary funding stream for 36 years’ worth of revitalization work. The Downtown TIF was initially enacted on December 15, 1981 as a tool to reverse years of decline and blight. When adopted the entire Downtown district had a total assessed value of $7,560,528. Today, that value stands at $38, 137,660. Over the course of the past 36 years, the City has aggressively rebuilt infrastructure to encourage reinvestment, granted over $4,000,000 in grants to upgrade over 100 structures, leveraging over 60 new residential units and $23 million in private redevelopment. The completion of the Hill Street Parking Deck created additional opportunities for infill development, and the completion of One Main, M2 and the Hyatt Place represent new construction which has brought over 70 new businesses to Downtown between them. Food and Beverage receipts have grown from $9 million in 2003 to $27 million today. Thirty-six bars and restaurants now create an anchor for an entertainment district that is unmatched in Illinois. While this district ends, a new district was enacted in January of this year to concentrate the next round of redevelopment on the Fringe of Downtown. Downtown Champaign has a bright future thanks to the Downtown TIF.