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 value (EAV) was $1,719,670 and that the property’s 2024 EAV increased to $15,227,765, producing $961,250 in incremental property tax in 2024. Mitchell said reimbursements to the developer have reached $6,200,000, the maximum TIF cap under section 5.a of the redevelopment agreement.

The board’s action was procedural: staff recommended initiating the formal closeout process after concluding no additional public infrastructure improvements are required within the district and that UTI had not proposed additional projects to be reimbursed. Several trustees voiced support for closing the district early to distribute any remaining funds back to taxing bodies and to reduce ongoing administrative costs. “I’m fine closing it out early,” a trustee said during the discussion.

The next steps are ministerial: staff will prepare an ordinance to effect the closeout and to arrange distribution of any remaining TIF funds to the affected taxing bodies, with the ordinance scheduled to be considered at the Nov. 17 board meeting. No formal vote on final closeout occurred at the Nov. 3 meeting; the board’s direction was consensus to proceed with staff’s recommendation.

Background: TIF districts allow incremental tax revenue from increased property values to reimburse eligible redevelopment costs under a governing redevelopment agreement. In this case, staff said the allowable reimbursement has reached the capped amount specified in the RDA.