Town of Normal considers new TIF district for uptown residential development

NORMAL (25News Now) - A new Tax Increment Financing district development could be coming to the Uptown Normal area.

The project would target residential development north of Uptown Circle and the Constitution Trail, along Mulberry Street in Normal.

The Town Council approved holding a public hearing on the proposed TIF district during Monday’s meeting, with the hearing scheduled for sometime in November. If approved, property taxes generated from the new district would benefit the town, Unit 5 Schools, and other local entities.

The residential project comes after Mayor Chris Koos said COVID-19 derailed the previous Trail East and West development project, along with high interest rates. He said they are focused on meeting housing demand in the area.

“There is demand, people want to live in an environment like this,” Koos said. “[They want to live] where they can walk out their door to go to restaurants, Illinois State University, and walk to work. There is a need for this kind of housing.”

The proposed development would capitalize on Normal’s proximity to ISU and the walkable downtown environment. The location offers residents easy access to restaurants, the campus, and employment opportunities within walking distance.

Normal is currently halfway through its existing TIF district, which has an average lifespan of 23 years. TIF districts allow municipalities to capture increased property tax revenue from development to fund infrastructure and other improvements within the designated area.

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