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Planning committee approves $2.04 million TIF reimbursement for Barrington Square Town Center
Summary
The Planning, Building and Zoning Committee approved Barrington Square Town Center TIF reimbursement request No. 9 for $2,036,687.53, bringing the development close to a $9 million cap; staff said the district is likely to reach the cap by the next reimbursement request.
The Planning, Building and Zoning Committee voted April 14 to approve Barrington Square Town Center Tax Increment Financing (TIF) reimbursement request No. 9 in the amount of $2,036,687.53.
Staff said the project is approaching its $9,000,000 eligible reimbursement cap and that they expect the next request (No. 10) will bring the total near or to that cap. Committee members asked about the TIF timeline and payment mechanics; staff responded that the village does not use general-fund dollars to repay the developer and that reimbursements are paid from available increment within the TIF district.
When asked how many more years remain in the TIF, staff said the district is scheduled to end in February 2035 and that, depending on project pay-out timing, final increments would be realized into 2036. Committee members had no further questions and approved the reimbursement request.
The reimbursement was presented as part of the Planning Committee—s consent items; staff noted prior reimbursements (No. 1 through No. 8) previously had been acted on by the board.
Committee members recorded the motion to approve and a second; the motion carried without recorded opposition.
