The Village of Homer has renewed its TIF district for an additional 12 years.
A redistricting of the TIF boundaries had to take place after Jeremy Richards was elected as Mayor in 2021. His home was within the previous boundaries, making it impossible for him to vote on TIF matters in the future.
TIF districts are often used as a short-term economic tool over the span of 23 years. The Village of Homer began its TIF in 2000. The property values in 2000 for all taxing bodies of the Village were frozen in the year 2000.
As property values within the TIF increase, that money is reinvested back into development, residential or commercial.
The hope is that by the time the TIF expires, each taxing body will receive increased tax income based on natural property value increases.
Homer is just on the cusp of seeing the fruits of its 2000 investment into the TIF. Over the last 21 years, the Village has purchased and tore down homes, selling the property at a reasonable price so that residents could build homes on those lots.
Under former Mayor Ray Cunningham, Dollar General, a machinery business, and a new car wash have received TIF funds to establish their business within the Homer community.
Richards said he hopes that businesses continue to see the value in locating in Homer.
The Village has additional properties they hope to sell to private entities in order to expand that TIF gains over the next 12 years.
Richards said that being centrally located between communities like Champaign and Danville should be a draw and TIF incentives to help the business get established or renovate are just an additional draw.
