Central City TIF Boosts Sales Tax Revenue
Downtown O'Fallon Sales Tax Revenue up 189%
Central City TIF Boosts Sales Tax Revenue
Downtown O'Fallon Sales Tax Revenue up 189%
The heart of O’Fallon is the Downtown District. Located roughly at the intersection of State and Lincoln, the Downtown District defines the O’Fallon’s identity and is the barometer of community health.
The City of O’Fallon has invested heavily in downtown development in partnership with downtown businesses, and we are seeing amazing results. The latest sales tax report shows that sales tax revenues increased 65% from fiscal year 2021 to 2022. Part of this reporting period was during COVID-19 restrictions, but even so, sales tax revenue in the Downtown District has increased 189% since the Central City Tax Increment Financing (TIF) District was created in 2014. The chart below shows the sales tax and EAV growth since the Central City TIF was established.
The Downtown District’s remarkable success is not due to one thing, but rather a multitude of efforts by the City, Chamber of Commerce, businesses, volunteers, and the general public. Here are some the major milestones in the downtown renaissance:
Central City Tax Increment Financing District (2014): The TIF created tax incentives for business owners to redevelop their properties.
Downtown O’Fallon Area Action Plan (2015): A Strategic Plan was developed that received extensive input from the community on how to improve downtown O’Fallon.
O’Fallon Station (2018): As part of the Destination O’Fallon initiative, O’Fallon Station was constructed by the City to provide year-round activities that can be both indoor and outdoor.
Vine Street Market (2019): The weekly farmer’s market located at O’Fallon Station has grown to be a regional attraction with more than 100 vendors and a multitude of products.
Downtown District (2018): A group of downtown business owners banded together to establish an organized effort to promote downtown. The group partnered with the City and the O’Fallon-Shiloh Chamber of Commerce to provide a structure and funding mechanism to sponsor events and festivals. The initiative received an East-West Gateway Council of Governments “Outstanding Local Government Achievement Award” in 2019.
Downtown District Façade Improvement Program (2019): Funded through the Central City TIF, this is a matching grant program administered by the City to improve the exterior appearance of downtown buildings. So far, eight properties have receiving funding to improve their buildings.
Of course, none of this would be possible without the support of O’Fallon residents. They are the ones who committed to shop in Downtown District stores, eat at the restaurants, and visit the Vine Street Market. We are fortunate to live in a community that cares and makes O’Fallon such a great place to live.