Springfield City Council approves TIF for new lumberyard

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SPRINGFIELD, Ill. (WAND) - A new tax-increment financing district targeting a piece of land in the 3400 block of Lumber Lane has been formed by the Springfield City Council.

A Peoria lumber supplier is hoping to renovate the land.

The Lumber Lane TIF covers a 70,000 square foot parcel of land, the former Boss Manufacturing facility.

That facility has not been used in years.

LS Building Products wants to open a lumberyard and showroom on the property.

The company will spend $2 million to renovate the space.

A sales tax rebate is also being offered by the city to the company.

An additional $285,000 in incentives will help offset the cost of fixing damage to the existing building.

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