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Lisle board authorizes staff to begin early closeout of UTI tax-increment district
Summary
After a staff presentation showing the Universal Technical Institute property’s assessed value rose sharply and reimbursements reached the contract cap, Lisle trustees agreed to direct staff to begin an early closeout of the UTI TIF district and prepare an ordinance for consideration Nov. 17.
The Village of Lisle Committee of the Whole on Nov. 3 directed staff to begin the process to close out the Universal Technical Institute (UTI) tax-increment financing (TIF) district early and to prepare an ordinance for the board’s Nov. 17 meeting.
Deputy Village Manager and CFO Mitchell told the board the TIF was established in connection with a redevelopment agreement (RDA) for the property at 2611 Corporate West Drive. He said the district’s frozen equalized assessed…
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