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Finance committee approves Peru TIF intergovernmental agreement and sends it to full board
Summary
LaSalle County Finance Committee approved an intergovernmental agreement with the City of Peru that formalizes surplus TIF distributions (no less than 15% of gross real estate tax increment) to taxing bodies and voted to forward the measure to the full county board.
The LaSalle County Finance Committee on Nov. 14 voted to approve an intergovernmental agreement with the City of Peru that spells out how tax-increment financing (TIF) surplus will be declared and shared among taxing districts.
Committee members discussed a provision that requires the city to annually declare as surplus an amount of real estate tax increment equal to no less than 15% of the gross real estate tax increment generated in the previous tax year. Committee members noted the surplus will be split among a list of taxing bodies, including the county, school districts, township governments, the library and Illinois Valley Community College.
The measure was moved by Gary and seconded by Doug and the committee voted to forward the agreement to the full county board for action. The committee chair said the signed agreement will be circulated among members before it goes to the full board.
The committee did not take any additional fiscal amendments to the IGA at the meeting; staff said the document will move through the full board process next. The committee hearing produced no public comment on the IGA during the meeting.
