Develop in the Med District
The Mid-Illinois Medical District Commission and its partners are actively seeking development projects within the medical district. There are several local, state, and federal incentives in place to induce development, including Tax Increment Financing District, Enterprise Zone, and Opportunity Zone designation. Please contact the Springfield Sangamon Growth Alliance if you are interested in development in the Mid-Illinois Medical District.
Tax Increment Financing (TIF)
Tax Increment Financing is a tool to use future gains in taxes to finance redevelopment and community improvement projects. TIF funds support many improvements, including roadway access, demolition of old buildings, streetscape, site preparation, infrastructure, and building rehabilitation. TIF incentives are administered by the City of Springfield’s Office of Planning and Economic Development.
The Springfield/Sangamon County Enterprise Zone is a state and local partnership jointly administered by the Illinois Department of Commerce and Economic Opportunity, Sangamon County, and the City of Springfield. Enterprise Zones offer a unique mix of local and state incentives to help retain, expand, and attract businesses to Sangamon County and the City of Springfield. Enterprise Zone incentives are administered by the City of Springfield’s Office of Planning and Economic Development.
Opportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States. Their purpose is to spur economic growth and job creation in low-income communities while providing tax benefits to investors.