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Council approves $83,000 TIF incentive for Heartland Bank at 205 South Fourth Street
Summary
The DeKalb City Council approved a $83,000 tax-increment financing (TIF) economic incentive for Heartland Bank's relocation to 205 South Fourth Street after staff said utility upgrades at the site likely absorb most eligible costs.
DeKALB, Ill. — The DeKalb City Council on Aug. 11 approved a $83,000 tax-increment financing (TIF) incentive to support Heartland Bank's relocation to 205 South Fourth Street. City Manager (name on file) told the council the downtown TIF formula ties grant allocations to projected growth in the equalized assessed value (EAV) for the city and that, under conservative projections, the city would capture roughly $83,000 over 20 years from new property taxes at that site. "I feel comfortable in recommending to you that amount of 83,000," the city manager said. Why it matters: Council members debated whether the relatively…
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