The Batavia City Council has approved a new downtown tax-increment financing district that is expected to provide up to $47 million in property tax revenue over the next 23 years.
“We want to encourage private investment downtown,” said Assistant City Administrator Randy Recklaus. Property taxes generated by the district will be earmarked for street and sidewalk repairs, facade grants, new public parking, utility upgrades and other infrastructure improvements.
The 103-acre district approved last week extends from State Street south to Adams and Locust Streets, and from Prairie and Delia Streets west to Illinois Highway 31.
It includes about 140 buildings, many of which are also in the new historic preservation district.
Batavia has two other TIF districts: one covering the north downtown area and another for the new Batavia Public Library building, which was built on the site of a closed School District 101 middle school.