A consultant says the proposed apartment complex at 5th and Madison could spur more development in the area and generate millions of dollars in revenue that can be used to further improve that area of Springfield.
A public hearing Monday laid out some of the details of the proposed Lofts on Madison project.
The consultant says the area qualifies for the creation of a “targeted TIF district,” where additional tax revenues that are generated by the project would be used back in that immediate area.
The site qualifies as a “blighted area” because of the number of vacant and rundown properties in the immediate vicinity and declining property values.
