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Elgin moves forward accelerated TIF payment for Courtyard at 40 to address construction shortfall
2307116 · February 13, 2025
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Summary
Council approved an amendment allowing a $2.13 million partial payment from previously committed TIF funds to Courtyard at 40 to cover unexpected structural findings and higher construction costs; city said total city commitment remains unchanged.
The Elgin City Council voted 9–0 on Feb. 12 to authorize a partial accelerated payment of tax‑increment financing (TIF) funds to Courtyard 40 LLC for the Courtyard at 40 redevelopment at 40 DuPage Court.
Community Development Director Mark Malott told the council the original redevelopment agreement (2021) included $3.93…
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