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Urbana committee approves transfer of $7.3 million from TIF 4 to central TIF; potential land purchase flagged
Summary
Council forwarded a budget amendment to transfer $7.3 million from expiring TIF 4 to central TIF and created a line-item to allow a possible future purchase of Pickerel properties (the packet references an amount of $965,000); staff said any property acquisition would require a separate council vote.
The Committee of the Whole voted to forward ordinance 2025-11-033, a budget amendment to close TIF 4 and port $7,300,000 to central TIF.
Staff explained that TIF 4 (created 12/17/2001) naturally expires on 12/31/2025. When TIFs expire, the city may encumber funds for existing contracts for up to one year and may port…
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