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St. John Redevelopment Commission pledges 95% of TIF revenues to support Jewel Osco project
Summary
The commission approved a resolution pledging most tax increment revenues from a new allocation area to revenue bonds for redevelopment of the former Kmart site into a Jewel Osco grocery, with the town retaining no obligation for bond shortfalls.
The Town of St. John Redevelopment Commission on April 23 approved a resolution pledging 95% of tax increment revenues from the newly created TIF allocation area for the former Kmart site to pay economic development revenue bonds that will fund part of the proposed Jewel Osco grocery project.
The vote was 4 to 0 to adopt Resolution 2025-04-23A, which caps bonds at $3.5 million and limits interest to no more than 8%. Tom Everett, attorney with Barnes & Thornburg, told the commission the bonds "would be solely payable from tax increment revenues that are generated by the project itself," and that "no funds or taxing authority of the town is pledged to these bonds." He added the commission would retain the remaining 5% of those funds for uses…
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