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Petersburg Press

Village Board to consider blighted/substandard declaration

At its next regular meeting on Oct. 5, the Petersburg Village Board will be considering a proposal to declare a blighted/substandard area in west Petersburg.

This is the first step in creating a redevelopment area, where tax increment financing (TIF) can be used for improvements and new development.

Michael Bacon, an attorney who specializes in TIF financing, will be present to discuss this subject with the board.

The board will consider a resolution to declare the West Petersburg Development Area as blighted/substandard. This area covers all but a small portion of the village west of Highway 14, as well as a portion of the area east of Highway 14 to First Street and several lots on the north side of Rae Street.