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LaSalle County staff reviews TIF portfolio; county receives reimbursements from most districts
Summary
County staff presented an inventory of LaSalle County's tax-increment financing (TIF) districts, noting 37 total districts and intergovernmental agreements with 31; committee members pressed for clarity on missing agreements, reimbursements and surplus timing.
Julie, a county staff member, briefed the LaSalle County Finance and TIF Committee on the county's current tax-increment financing portfolio during the July 8 meeting. "TIF districts are created as [an] economic development tool used to spur development or redevelopment of old and abandoned properties," Julie said, and she explained how tax increments are tracked once a TIF base is established.
The county currently has 37 TIF districts and intergovernmental agreements with 31 of them, Julie said. The committee focused questions on why six districts have no county agreement, and on how reimbursements and surpluses are recorded. "The reports ... show the start and the end years of the TIF districts, the number of parcels, the extension of the increment and the amount of…
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