By WMOI/WRAM Intern Ethan Potter
The City of Monmouth has the option to purchase a 9-acre tract of land on the east side, said Lew Steinbrecher, Monmouth City Administrator, as he shares more information:
“This would specifically be for single family residential developments, that’s one of the greater needs that we’ve had in the community, and of course we’ve been really challenged by the cost of building materials and labor” said Steinbrecher.”
By extending city infrastructure and financing developments, they plan to attract home-builders to the city. This will be funded by Tax Increment Financing, which is a method local governments use when they plan to re-utilize areas that are underdeveloped without raising taxes. The development ends up paying for itself. Steinbrecher refers to Tax Increment Financing as “The best economic development tool to the cities within the state of Illinois”.
