Council authorizes feasibility study for potential TIF District on South Henderson Street

The Galesburg City Council voted to authorize a feasibility study for a proposed Tax Increment Financing (TIF) District 7 along South Henderson Street.

"Staff is recommending approval of a resolution authorizing a feasibility study for the potential designation of a tax increment financing District 7 along South Henderson Street," staff (Hansen) said, adding the study will evaluate statutory qualifications for blighted redevelopment areas and document conditions such as lack of private investment. He told the council PGAV Planners LLC will perform the study and that timelines could range from roughly 6 to 16 months depending on scope.

Council members discussed alternatives such as enterprise zones and tax abatements; staff said TIF remains a commonly used redevelopment tool across the state and can overlap with other incentive programs. The resolution passed by voice vote (7 yes).