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Joliet council approves $1.35 million TIF draw to fund Rock Run roadway improvements
Summary
The City Council authorized Draw 13 from Tax Increment Financing District No. 7 for $1,353,970.01 to pay for public improvements tied to the Rock Run development, principally roadway work; the city said bonds backed by future taxes on the development will repay the cost.
The City of Joliet on Sept. 2 approved a $1,353,970.01 draw from Tax Increment Financing (TIF) District No. 7 to fund public improvements for the Rock Run collection development.
City staff told the council the money will be used for public infrastructure in the Rock Run project, with the bulk of the draw covering roadway work. City staff said the improvements will be funded by bonds repaid from taxes and sales taxes generated by the development.
Councilmember and staff discussion clarified that the council was authorizing the draw now and that the funding mechanism is the district's TIF revenues and an associated bond; the council did not change the underlying financing structure during the meeting. The council voted to approve council memo 471‑25, authorizing the draw.
The action is part of ongoing economic-development work for the area at the interchange of Interstates 80 and 55. City officials said the improvements are intended to serve the Rock Run development site and will be paid back from incremental revenues generated by that development.
No additional conditions, amendments or outside approvals were described during the vote. The council recorded the motion and approved the draw during the regular meeting.
