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Council committee declares $533,429.50 in TIF surplus to taxing districts
Summary
Finance staff reported TIF surplus distributions totaling $533,429.50 for the city's redevelopment project areas; the resolution to declare the surplus passed at committee.
The Finance and Administration Committee adopted a resolution declaring a surplus of funds in the city's Tax Increment Financing (TIF) allocation funds and authorizing distribution of $533,429.50 to the affected taxing districts through the county collector.
Why it matters: under the Illinois Tax Increment Allocation Redevelopment Act, a municipality may declare a surplus in its TIF districts and return funds to overlapping taxing districts. Staff said the pass-through total of $533,429.50 will be distributed in proportion to property tax distributions for the affected parcels.
Details: staff provided a TIF-by-TIF breakdown: TIF No. 3 (Central Park / former Gander Mountain/Menards parcel) had a surplus of $322,898.06; TIF No. 4 (Highway 50 / Scott Troy Road / Metroplex) had $181,401.24; and the remaining TIF No. 5 central city parcels accounted for $29,130.20. Staff noted Menards had pending assessment appeals for tax years 2021 and 2022 that reduced the tax receipts by $344,587.32 and affected the surplus calculations.
Vote and next step: the committee approved the resolution on a roll-call vote; staff will forward the resolution to the county collector to effect the distributions to the appropriate taxing bodies.
