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McHenry council directs staff to study TIF feasibility for Richmond Road and West Route 120, holds South Route 31 discussion
Summary
After a consultant-led overview of tax increment financing, the McHenry City Council instructed staff to pursue eligibility studies and seek proposals for TIF analyses focused on the Richmond Road and West Route 120 areas while pausing near Route 31.
The McHenry City Council on May 5 directed staff to pursue feasibility studies and request proposals to evaluate possible tax increment financing (TIF) districts focused on Richmond Road and West Route 120, and to hold off on formal TIF work for the South Route 31 corridor pending completion of the Route 31 construction.
The council heard a 50,000-foot presentation from Pete of Teska Associates, an urban planning firm that evaluates TIF eligibility. Pete explained the basic mechanics and legal standards for TIF in Illinois, saying, “It is not a new tax and it does not affect the actual assessed value of properties within the area.” He also summarized the state’s legal test for TIF:…
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