SPRINGFIELD, IL — State Sen. John Sullivan (D – Rushville) and state Rep. Rich Myers (R – Macomb) announced today that legislation supporting economic redevelopment efforts in downtown Macomb was signed into law by Gov. Pat Quinn.

Senate Bill 242, sponsored by Sullivan and Myers, extends the city’s downtown tax increment financing (TIF) district for an additional 12 years. TIF districts allow municipalities to pool property tax revenues from local units of government to support development in economically disadvantaged areas.

“Macomb has made significant progress in re-developing the downtown area,” Sen. Sullivan said. “TIF districts are a valuable tool to attract businesses, create jobs and spur economic development. In these tough economic times, local communities need all available resources to encourage development.”

“TIF districts are often one of the best incentives to attract economic developments for cities, such as Macomb,” Rep. Myers said.  “With the difficult job market and rising unemployment rates it is imperative that we capitalize on every opportunity to bring in new businesses and good paying jobs for our region.”

Macomb Mayor Mick Wisslead thanked Sullivan and Myers for their support of the city’s redevelopment efforts. “We’re so appreciative of all Senator Sullivan and Representative Myers’ work on the TIF extension in Macomb,” Wisslead said. “We got all the taxing bodies together and they realize how important this is for the city and the downtown. With the Senator and Representative’s help, it sailed right through the House and Senate.”