Economy

Paxton's TIF district falling short on goals, obligations

PAXTON — When Paxton implemented its first tax-increment financing (TIF) district six years ago, city officials envisioned the economic-development tool being used to build hundreds of new homes, a senior-living community and a variety of restaurants, retail stores and manufacturing facilities around the Interstate 57 interchange.


Paxton proceeding with downtown streetscape project

PAXTON — Sometime next year, the city is expected to begin revamping its historic downtown business district with the construction of a new street, curbs, sidewalks and street lights.


Three redevelopment agreements approved by Paxton aldermen

PAXTON — During a 45-minute meeting last Tuesday, members of the Paxton City Council’s economic development committee heard details of three redevelopment agreements for properties in the city’s tax-increment financing (TIF) district.

The committee also discussed ongoing frustrations over the existing equalized assessed values of properties both inside and outside the TIF district.


Commercial, retail developments a top priority in Paxton

PAXTON — If the city’s tax-increment financing (TIF) district is to become a success, drawing travelers off of Interstate 57 to spend money in town will undoubtedly be a necessity.


$750,000 loan granted to Colmac Coil

PAXTON — When Paxton’s largest employer, Baltimore Air Coil, closed in 2009, laying off its 223 workers, Colmac Coil stepped up to try to fill the economic void.


Redevelopment agreement up for vote by Paxton City Council

PAXTON — A revised redevelopment agreement pertaining to land located south of Illinois 9 and west of Interstate 57 in the city’s tax-increment financing (TIF) district is expected to finally be voted on by the Paxton City Council in upcoming weeks.


Course of action on Railside gives Gibson City a boost

GIBSON CITY — The mood at last Thursday’s Gibson Area Chamber of Commerce meeting was a good one, with community business leaders smiling and carrying on lively conversations inside The Sand Trap restaurant.


Paxton aldermen hear update on economic development

PAXTON — Paxton’s tax-increment financing (TIF) attorney, Dan Schuering, met with the city council’s economic development committee last week, telling its members that the contractor for the Cobblestone Hotel being built on the city’s west side was to begin pouring footings this week.


'A major step forward in our economic growth'

PAXTON — Calling it a “major step forward in our economic growth,” Paxton Mayor Bill Ingold joined a group of investors and Cobblestone Hotel & Suites officials in a groundbreaking ceremony last Wednesday for a proposed Cobblestone Hotel near Interstate 57 on the city’s west side.


Hotel developers to receive reimbursement

PAXTON — The 41-room hotel planned for the city’s west side near Interstate 57 took a step closer to becoming reality last week when Paxton aldermen signed off on a redevelopment agreement with the developers of the proposed facility.


Syndicate content