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Board members warn Jerome TIF could cost District 186 millions over 23 years
Summary
Trustees discussed a proposed Jerome TIF district and an estimate that the school district could lose $4.33 million over the life of the TIF; board members and the district’s attorney said the village has introduced but not passed ordinances and that the district’s options are limited.
Board of Education members spent much of their Oct. 6 meeting debating a proposed Tax Increment Financing (TIF) district in Jerome and its potential financial effect on Springfield Public School District 186.
The district’s outside counsel on TIF, Tony Scharing, told the board the village held a public hearing on July 3 and introduced related ordinances but had not passed them. "We're in a bit of a holding pattern right now," Scharing said, noting the village had 90 days after the public hearing to introduce and pass ordinances and that, as of the meeting, they had been introduced but not enacted.
Why it matters: Board members and counsel described an estimated $4,330,000 negative impact to the district over the life of…
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