Crystal Thomas
The State Journal-Register
The Springfield City Council voted 7-0 Tuesday to pass an ordinance that gives $100,000 in tax-increment financing funds every year for the next three years to Innovate Springfield, a business incubator based downtown.
The city was initially asked for $100,000 from its corporate fund, but the request was put on hold while aldermen contended with the city’s $11.5 budget deficit. Once the request was changed to TIF funds, more aldermen were on board. The contribution represents half of the incubator’s budget. The rest would need to privately raised. In the past, the city has contributed $20,000 to the incubator.
Ward 7 Ald. Joe McMenamin voted present because he said he wanted to see the terms of the agreement between Innovate Springfield and the city before signing off.
***
Joe McMenamin for Ward 7 