TIF agreement for MIF-Geneva Park project approved

Warehouse and industrial park planned for city's southeast side

Author

Sam Kraft
October 22, 2024 • Estimated Reading Time: 2 minutes

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A large-scale development on Geneva’s southeast side City Council has taken a step forward after City Council approved a $42.8 million tax increment financing (TIF) deal to support the new industrial park.

Key details:

  • The project will cover 211 acres with 2.1 to 2.4 million square feet of warehouse and manufacturing space.

  • TIF funds will help with road extensions, traffic signals, utilities and stormwater management.

  • The $42.8 million in TIF assistance is 14% of the total $297 million project cost, which in theory limits the city’s financial risk while supporting the developer.

  • The agreement includes a "pay-as-you-go" plan, meaning the developer will receive funds as new tax revenue is generated by the project.

This development is part of Geneva’s South East Master Plan and aims to drive economic growth and improvements to that area of town.

Read more in this Shaw Local article.

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