The Town of Normal may take the first step tonight in establishing another Tax Increment Financing district. The area would include the Mitsubishi plant, which will close in May, and surrounding businesses that supported the factory.
If approved, the town will pay for a study to make sure the area qualifies as a TIF district and look at some uses for buildings that could benefit from it. If the location meets the requirements for a TIF, the council will take a vote on whether they support it once the study is complete.
Council members will also consider a 10 million dollar bond tonight. If approved, the majority of the funds would support Uptown 2.0 and building the Normal Fire Department Headquarters next to Illinois State University.
The money would also go toward the next two fire stations, a study looking at an underpass for Uptown Station, and improving or expanding town-owned facilities. The funding effort is a follow-up to a bond issued in 2014 that supported Hyatt Place Hotel and a portion of the Fire Department HQ.
The meeting will be held at Illinois State University where members of the Student Government Association will be in attendance.